Peter Brandt Floats Selling Part of Bitcoin Holdings for Gold Exposure

Veteran trader Peter Brandt says he sees gold outperforming bitcoin going forward.

In the long-running comparison between bitcoin Bitcoin and gold as competing stores of value, Brandt — CEO of Factor LLC and a widely followed technical analyst — has tilted his view in favor of the traditional metal.

Posting on X, he said he is considering selling part of his bitcoin holdings to rotate into gold, arguing that gold is likely to deliver stronger relative gains.

“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 weakened, though bitcoin has seen the deeper decline. BTC fell about 20% in June, slipping below $60,000 and marking its worst monthly performance in four years. Gold dropped roughly 11.7% over the same period, easing toward $4,000 per ounce.

The divergence is even more pronounced 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 dominant crypto narrative that expects bitcoin to recover after underperforming traditional assets.

That view is based on relative valuation: bitcoin has lagged gold, equities, and broader markets, which bulls often interpret as a setup for a rebound.

However, Brandt’s technical interpretation suggests that relative leadership may continue to favor gold.

XAU/BTC signal

His analysis focuses on the XAU/BTC ratio, which prices gold in bitcoin terms.

While bitcoin strongly outperformed gold for much of the past decade, driving the ratio lower, that trend has flattened since around 2019–2020, indicating a loss of momentum in BTC’s relative strength.

More recently, the ratio has begun to curl higher, forming what Brandt describes as a rounding-bottom structure.

Macro implication

If this pattern continues, it could signal a broader regime shift in which gold begins to reclaim ground lost during bitcoin’s multi-year dominance.

In that scenario, the expected capital rotation would still occur — but from bitcoin into gold, rather than the reverse many crypto investors anticipate.