Gold broke through the $4,800 per ounce mark this week, reaching a new all-time high. The milestone has given ammunition to longtime gold advocate Peter Schiff, while Bitcoin continues to trade sideways near $90,000. Commodity trading veteran Peter Brandt acknowledged on X that the precious metal currently has the upper hand.
Brandt's Log Chart Suggests $8,000 Gold if History Repeats
Using a logarithmic chart of gold futures dating back to 1976, Brandt identified three major bull cycles, with the current one starting in 2022. If price patterns from previous cycles hold, gold could rise to $8,000 per ounce. The chart shows past cycles delivering multi-fold gains over several years. Brandt attributes the rally to global economic uncertainty and geopolitical tensions, including disputes involving the U.S. and Denmark, driving capital into traditional safe havens.
Notably, Brandt remains a Bitcoin supporter but conceded that the current environment favors Schiff, who has long criticized Bitcoin as a speculative asset. Schiff now has stronger evidence for his arguments as gold outperforms the cryptocurrency.
Bitcoin Languishes Below $90K, Analysts Eye $100K Breakout
Bitcoin is currently trading around $89,360, down over 10% from its all-time high. Technical analysts suggest the cryptocurrency needs to reclaim the $100,000–$103,000 zone to regain bullish momentum. The strong performance of gold has made market participants more cautious, leading some to reassess their portfolio allocations between digital and traditional assets.
The rivalry between gold and Bitcoin as store-of-value assets has intensified in 2026. Although some institutions tout Bitcoin as digital gold, recent price action shows diverging correlation. Gold continues to hit new highs amid inflation and geopolitical risks, while Bitcoin remains more correlated with U.S. tech stocks.
Brandt emphasized in his post that he hasn't changed his long-term bullish view on Bitcoin, but acknowledged gold's current dominance cannot be ignored. The coming months will be crucial to see whether gold's rally can sustain and whether Bitcoin can break its resistance level to regain upward momentum.