Veteran trader Peter Brandt says gold is likely to outperform bitcoin by a wide margin going forward.
In the ongoing debate between bitcoin Bitcoin and gold as competing stores of value, Brandt — a well-known technical analyst and CEO of Factor LLC — has taken a position that favors the traditional metal over crypto.
Posting on X, Brandt said he is considering selling part of his bitcoin holdings and reallocating into gold, citing expectations that gold will outperform BTC.
“I am contemplating selling some of my Bitcoin and going to Gold with the money. Looks to me that Gold is going to gain substantially on Bitcoin,” he wrote.
Both assets have recently struggled, but bitcoin has underperformed more sharply. BTC fell about 20% in June, dropping below $60,000 and marking its weakest monthly performance in four years. Gold declined roughly 11.7% over the same period, slipping toward $4,000 per ounce.
The divergence is even clearer year-to-date, with bitcoin down around 28% in 2026 compared with a 3.9% decline for gold.
Contrarian view
Brandt’s stance runs against the prevailing view among crypto bulls, who expect underperformance in bitcoin to eventually trigger a capital rotation back into digital assets.
That thesis rests on valuation: bitcoin has lagged gold, equities, and other major assets this year, which some see as a setup for recovery.
But Brandt’s technical reading suggests the opposite — that relative strength may continue to favor gold.
Signal from the ratio
His analysis focuses on the XAU/BTC ratio, which measures gold priced in bitcoin terms.
While bitcoin dominated gold for much of the past decade, pushing the ratio steadily lower, that trend has flattened since around 2019–2020, indicating a slowdown in bitcoin’s relative outperformance.
From a technical perspective, this loss of downward momentum suggests selling pressure on gold versus bitcoin has largely faded.
More recently, the ratio appears to be turning higher, forming what Brandt describes as a rounding bottom pattern.
Possible regime shift
If this trend continues, it could signal a broader macro shift in which gold begins to recover ground lost to bitcoin over the past decade.
In that scenario, the long-expected rotation would still materialize — but from bitcoin into gold, rather than the reverse anticipated by many crypto investors.
