Peter Brandt warns of more Bitcoin downside, considers gold shift

Chart patterns echo across decades

Brandt recently compared a 1977 soybean price chart with a 2025 Bitcoin chart, highlighting how both followed an expanding top formation. This pattern features prices surging higher while volatility increases, leading to higher highs and lower lows and forming what is often called a “megaphone” shape. Brandt described this scenario as a sign of intensifying disagreement between buyers and sellers.

In the historical soybean case, prices eventually dipped below the lower trendline, triggering a prolonged market correction. Brandt observed that Bitcoin’s recent trading also mirrored this classic reversal, with BTC falling below key support after reaching a cycle high near the end of 2025.

The more things change, the more they stay the same. Old school works.

Earlier this year, Brandt identified that Bitcoin had reached his initial downside target at its February low. However, he cautioned that a long-term market bottom may still be some months away, noting in June that he does not expect a clear tradable low for BTC before October.

Gold vs. Bitcoin outlook

Brandt has recently suggested that gold could outperform Bitcoin in the near term, marking a potential shift in his portfolio strategy. He pointed to the XAU/BTC ratio as evidence that gold is positioned to outpace the leading cryptocurrency.

Earlier in the month, Brandt stated he was considering selling a portion of his Bitcoin holdings in exchange for gold, reflecting his view that the precious metal was gaining a relative strength advantage over BTC.

As I see it, Bitcoin has met its initial target at the February low. This does not mean BTC cannot work lower or have a terminal wash-out. I do not see a tradable low until October.

Reflecting on his crypto investment history, Brandt admitted that his biggest mistake was not accumulating more BTC when it traded at just $400.

Market evolution and platform innovation

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