Brandt, CEO of Factor LLC and a highly respected chart analyst, shared his intentions on X (formerly Twitter). He believes that gold will substantially outperform Bitcoin in the coming period. This perspective challenges the popular narrative among crypto enthusiasts who anticipate a robust comeback for BTC.
The recent market movements support Brandt’s analysis. In June, Bitcoin saw a 20% decline, dropping below $60,000, marking its worst monthly performance in four years. Gold, in contrast, experienced a more modest 11.7% fall, settling near $4,000 per ounce. The year-to-date figures further highlight this divergence, with BTC down 28% in 2026, while gold recorded a 3.9% decrease.
Brandt's conviction is rooted in his technical analysis of the XAU/BTC ratio, which measures the price of gold per ounce in Bitcoin terms. For over a decade, this ratio consistently trended downward, indicating Bitcoin's sustained outperformance. However, since 2019-2020, the rate of decline has significantly slowed.
This deceleration in the XAU/BTC ratio suggests a loss of bearish momentum, characterised by a flattening curve rather than the steep drops seen in the 2010s. According to Brandt, this shift signals that sellers of gold, relative to Bitcoin, are becoming exhausted. This technical pattern points towards a potential new macro cycle where gold could begin to outperform Bitcoin.
His view directly contradicts the prevailing sentiment among many crypto bulls who predict a massive influx of capital back into Bitcoin and other digital assets. The argument often made is that Bitcoin's underperformance relative to gold, technology stocks, and other assets this year makes it appear oversold and therefore attractive for investment. However, Brandt's technical indicators suggest that this anticipated rotation might not materialise, and gold's outperformance relative to BTC could instead continue.
Therefore, for investors closely watching the battle between ‘digital gold’ and the traditional yellow metal, Brandt's insights offer a compelling alternative perspective that gold might present a more favourable investment opportunity in the near future.
