A widely shared chart this week claimed that gold’s record gains are converting into Bitcoin, repeating a pattern seen in past cycles. Veteran futures trader Peter Brandt responded succinctly but eloquently with a single thumbs up emoji.
Brandt, who has traded commodities for more than 50 years, maintained a cautious stance on Bitcoin throughout early 2026. $BTC The stock is trading around $66,500, down from January highs of about $92,000, but his view is rooted in structure rather than story.
Beyond the thumbs down: Peter Brandt’s technical argument for the “Great Rotation”
Previously, Brandt had identified an expanding top formation, a large flag pattern, and what he described as a full bearish channel. In this framework, downside risk remains active unless the price regains the $93,000 area, with the potential bottom window extending to October 2026, with a range between $50,000 and $62,000.
The gold to Bitcoin rotation theory is based on historical order. In past cycles, gold first rallied during macro stress, then consolidated as capital rotated into higher beta assets such as: $BTC. Gold is currently trading near all-time highs at around $4,983 per ounce.
Proponents argue that even a small percentage reallocation from the multitrillion-dollar gold market could have a significant impact on Bitcoin’s price because of its small market capitalization.
👎
— Peter Brandt (@PeterLBrandt) February 19, 2026
Brandt’s skepticism appears to be directed at the certainty embedded in such predictions. He has repeatedly criticized the consensus-based interpretation of charts and labeling of patterns in the cryptocurrency market. In his view, Bitcoin does not follow scripted rotations and often overrides widely accepted settings.
Macro variables complicate the picture as ETF flows, Federal Reserve policy expectations, and the global debt refinancing cycle continue to impact capital allocation. Gold has benefited from demand as a safe-haven asset and anti-fiat currency position. Whether that liquidity migrates to Bitcoin depends not only on historical symmetry but also on the restructuring of risk appetite.
