This week, a chart that gained significant traction suggested that the unprecedented profits from gold are likely to shift towards Bitcoin, mirroring trends observed in previous market cycles. Veteran futures trader Peter Brandt responded succinctly with a single thumbs-down emoji on X.
With over fifty years of experience in commodity trading, Brandt has consistently adopted a cautious outlook on Bitcoin as we enter early 2026. Currently, $BTC is priced around $66,500, significantly lower than its January peak of approximately $92,000. His perspective is based more on structural analysis rather than prevailing narratives.
Peter Brandt’s Technical Analysis Against the “Great Rotation”
Brandt has previously pointed out several technical formations including a broadening top pattern and what he refers to as an established bear channel. Within this context, he believes there remains substantial downside risk unless prices recover to the $93,000 level; additionally, he sees potential for bottoming out between October 2026 within a range of $50,000 to $62,000.
The theory regarding the transition from gold to Bitcoin relies heavily on historical patterns. Traditionally during times of macroeconomic stress, gold tends to rise first before consolidating as investments flow into higher-risk assets like $BTC. At present moment gold is trading close to all-time highs at around $4,983 per ounce.
Advocates suggest that even minor reallocations from gold’s multi-trillion-dollar market could significantly influence Bitcoin’s value due to its relatively smaller market capitalization.
👎
— Peter Brandt (@PeterLBrandt) February 19，2026
Brandt’s skepticism seems aimed at the certainty often found in such forecasts. He has frequently criticized consensus-based chart interpretations and labeling patterns within cryptocurrency markets. In his opinion，Bitcoin does not adhere strictly to predictable rotations and often undermines widely accepted setups.
Macro factors further complicate this scenario; elements such as ETF inflows，Federal Reserve policy expectations，and global debt refinancing cycles continue shaping capital distribution strategies. Gold has seen gains driven by safe-haven demand and anti-fiat sentiment while whether liquidity will move towards Bitcoin hinges more on rebuilding risk appetite rather than mere historical parallels alone.