According to external sources, large commodity traders Peter Brandt indicated that some bitcoin was being considered for sale and that funds were being diverted to gold. The central reason given by him was not that the long-term outlook for bitcoin was completely lost, but that the performance of gold relative to bitcoin might enter a stronger cycle.
Trend in gold to bitcoin
The chart presented by Brandt shows that bitcoin has been a big winner over the years relative to gold, but the trend has slowed markedly in recent years. According to him, the ratio of gold to bitcoin is at the bottom of the arc and is rising in the ascending corridor, which means that the relative strength and weakness of the two may be reversing.
The article mentions that gold was partially recovered in 2025. Brandt believes that this change may not be short-term fluctuations, but may last for some time. He therefore began to consider converting part of the bitcoin warehouse into gold.
It's a little low in the year.
Brandt had also warned that the market should not exclude the possibility of bitcoin seeking further. He said this summer that at this stage there is not necessarily a low point for the trade, and that a really interesting low window might wait until September or October.
His judgment is based on the cyclical performance of bitcoin over the past 15 years. At this historical pace, the lower point of the year ' s clearer stages could occur at the end of the third quarter to the beginning of the fourth quarter.
The long-term goal is not withdrawn.
However, the article also mentions that Brandt did not abandon the judgement that there was a long-term advance of the coin. Earlier, he had set a more ambitious forward target, suggesting that the next macro-high point could appear between September and October 2029, or between $300,000 and $500,000, if the long-term cycle continued.
McGlone alerts to stock market connection risks
Besides Brandt, Mike McGlone, a Bloomberg industry research strategist, also sends a cautious signal to the current market. According to the article, he believed that bitcoin might be reflecting in advance the broader “post-inflation deflation cycle”.
McGlone mentioned that the 60-day correlation between gold and the Standard 500 index had recently risen to one of the highest levels in his database since 1975, which he saw as a sign of need for vigilance. In his view, if there was a moderate fall in the stock market in the second half of the year, risk assets might face downward chain pressure, and the recent weakness of the encrypted market might have reflected that risk first.