Veteran trader Peter Brandt says he is weighing selling some of his bitcoin to buy gold, arguing the metal is set to gain substantially against the cryptocurrency. He points to a long-term XAU/BTC chart that shows bitcoin’s dominance fading and a possible new cycle in which gold outperforms.
Peter Brandt, CEO of Factor LLC and a widely followed chart analyst, has sided against bitcoin. He said on X that he is mulling liquidating some of his BTC and using the proceeds to buy gold, because he sees the yellow metal outperforming BTC. In his words, reported by CoinDesk, gold is set to gain against bitcoin: “Looks to me that Gold is going to gain substantially on Bitcoin”.
Bitcoin’s rough stretch against gold
Both assets have taken a beating, but bitcoin has fared worse than the traditional safe haven. The leading cryptocurrency slid 20% in June to below $60,000, its worst monthly performance in four years. Gold, by comparison, dropped 11.7% to nearly $4,000 per ounce.
The gap looks starker over the year. On a year-to-date basis, BTC is down 28% in 2026 versus a 3.9% decline for gold.
Against the rotation narrative
Brandt’s view cuts against the popular narrative among crypto bulls, who anticipate a rotation of money back into BTC and digital assets. That logic rests on the idea that bitcoin, having underperformed gold, technology stocks and just about everything this year, looks oversold and attractive. But Brandt’s technical analysis suggests the expected rotation may not happen and gold’s outperformance could continue.
The chart behind the call
The XAU/BTC ratio tracks the per-ounce price of gold in BTC terms. For over a decade it trended lower, reflecting the cryptocurrency’s rally against the metal, but since at least 2019-2020 the pace of that decline has markedly slowed. Brandt reads the flattening, “rounding” curve as a sign the fall has not just stopped but is beginning to curl upward.
If his analysis holds, the rotation the market has waited for could arrive, only out of BTC and into gold rather than the other way around.
Source: CoinDesk
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