Veteran trader Peter Brandt says he expects gold to outperform bitcoin over the coming period.

In the ongoing debate between bitcoin Bitcoin and gold as stores of value, Brandt — CEO of Factor LLC and a closely followed technical analyst — has taken a stance favoring gold over crypto.

On X, he said he is considering selling part of his bitcoin holdings and reallocating into gold, arguing that the yellow metal is likely to deliver stronger gains relative to 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 declined, though bitcoin has fallen more sharply. BTC dropped around 20% in June, slipping below $60,000 and marking its weakest monthly performance in four years. Gold fell about 11.7% over the same period, easing toward $4,000 per ounce.

The divergence is even clearer year-to-date, with bitcoin down roughly 28% in 2026 versus a 3.9% decline for gold.

Contrarian stance

Brandt’s view runs counter to the dominant crypto narrative that expects bitcoin to rebound after lagging traditional assets.

That thesis is based on relative valuation, with bitcoin underperforming gold, equities, and other major markets — a setup bulls often interpret as oversold.

However, Brandt’s analysis suggests that leadership may continue to favor gold instead of BTC.

XAU/BTC ratio signal

His outlook is centered on the XAU/BTC ratio, which measures the price of gold in bitcoin terms.

While bitcoin dominated gold for much of the past decade, pushing the ratio lower, that downtrend has flattened since around 2019–2020, signaling a loss of momentum in bitcoin’s relative outperformance.

From a technical perspective, this suggests the long-standing dominance phase may be fading.

More recently, the ratio has begun turning higher, forming what Brandt describes as a rounding bottom.

Possible regime shift

If this pattern persists, it could indicate a broader shift where gold gradually regains relative strength after years of bitcoin leadership.

In that case, the expected rotation would still occur — but from bitcoin into gold, rather than the reverse anticipated by many crypto investors.