Veteran trader Peter Brandt says the chart is starting to tilt in gold’s favor against Bitcoin. A long period of Bitcoin dominance over gold has flattened in recent years, and his latest chart shows early signs of a reversal. In Brandt’s reading, the ratio between the two assets has carved out a rounded bottom and begun to rise within an ascending channel, a setup often read as a shift in momentum. He said gold could outperform Bitcoin decisively in the period ahead and added that he is seriously considering a portfolio rebalance.
A chart pattern that points to gold strength
The call is centered on relative performance, not just headline prices. Brandt argues that the technical picture now opens the door for gold to gain ground on Bitcoin during 2025. His comments drew attention because he is widely followed for his market experience and his long-standing focus on technical analysis. The message is simple: he sees the first real signs that gold may be recovering relative strength while Bitcoin’s long-running edge loses momentum.
Brandt says a tradable Bitcoin bottom may come later
Brandt has also kept a cautious near-term stance on Bitcoin itself. At the start of summer, he warned that more downside could not be ruled out and said a tradable bottom was unlikely to appear before October. His timing view comes from cyclical patterns he described as some of the most distinctive he has seen in the last 15 years, with September or October standing out as the most likely window for an investable low.
That caution does not erase his long-term bullish target. Brandt had previously projected that Bitcoin could reach a macro top between $300,000 and $500,000 around September or October 2029. The condition attached to that outlook is clear in his framework: investors would need to withstand current volatility and wait for the later stage of the cycle to unfold.
Bloomberg’s McGlone adds another warning layer
Mike McGlone, a strategist at Bloomberg Intelligence, offered a separate but similarly cautious reading. He said Bitcoin may be acting as a leading indicator for a broader post-inflation deflationary cycle, while gold is also flashing historic warning signs, especially when viewed alongside equities.
McGlone noted that the 60-day correlation between gold and the S&P 500 has climbed to the highest level since 1975 in the firm’s database. His argument is that the current decline in crypto may be signaling risks that extend beyond digital assets and into traditional markets. If stocks post even a modest pullback in the second half of the year, the knock-on effects could be amplified, keeping the Bitcoin-gold ratio and cross-asset correlations firmly in focus.