Bitcoin Price Has One Concern, Says Legendary Trader Peter Brandt

Peter Brandt, a renowned figure in financial trading since the 1970s, has recently expressed his enthusiasm for Bitcoin (BTC). This outlook follows Brandt’s analysis of the BTC-to-gold ratio, where Bitcoin is often seen as a digital counterpart to the precious metal.

Brandt suggests that there is a possibility for Bitcoin to experience a growth of nearly 520% in relation to gold in the upcoming months.

When questioned about Bitcoin’s recent decline from its upward trend line, Brandt explained that he does not rely on trend lines for analysis. However, he did express concern that Bitcoin remains below its 2021 high when adjusted for inflation.

He posed a critical question: “Could it roll over for a complete new reset?” indicating that he does not dismiss this potential scenario.

### Concerns About Bitcoin’s Price and Inflation

Brandt’s concerns stem from the fact that although Bitcoin’s price surpassed $69,000 this year and approached an official all-time high of around $74,000, this does not account for inflation. Estimates suggest that Bitcoin would need to hit approximately $78,000 to surpass the levels seen in November 2021.

The underlying issue is not the cryptocurrency itself, which has appreciated nearly 290% since the start of 2023, but rather the performance of the U.S. dollar, as Bitcoin’s price is frequently quoted in that currency.