Peter Brandt is thinking about rotating out of Bitcoin and into gold.
The legendary commodities trader posted on X that he’s contemplating selling some of his BTC holdings and reallocating to gold. He says gold looks set to “gain substantially on Bitcoin.”
The chart Brandt shared shows Bitcoin’s massive outperformance against gold has flattened in recent years. There’s a rounding bottom — a “saucer” pattern — forming on the BTC/gold ratio. The ratio is starting to bend upward, which suggests gold might be catching up.
This isn’t Brandt’s first warning. Earlier this summer, he said not to rule out lower prices or a “terminal wash-out.” He explicitly stated he doesn’t see a “tradable low until October.” His analysis is based on what he calls “the most remarkable cyclic patterns of any market in the past 15 years.”
That said, Brandt still has extremely bullish long-term targets. His cyclic roadmap projects the next major Bitcoin peak between $300,000 and $500,000 in September or October 2029. So this gold shift might be a short-term play, not a full rejection of crypto.
Bloomberg Intelligence’s Mike McGlone sees things differently. He thinks Bitcoin’s decline might be front-running a broader deflation cycle. Gold is flashing warning signs too — it hit its highest 60-day correlation with the S&P 500 since 1975.
