Overview
- This week veteran chartist Peter Brandt posted a monthly XAU/BTC chart on X and said he is contemplating selling some Bitcoin to buy gold based on the ratio curling up toward a long falling channel top.
- Brandt's chart places the ratio around 0.067 and projects a breakout from a decade‑long downtrend that, if sustained, would show gold gaining versus Bitcoin in relative terms.
- Not all analysts agree with Brandt; on‑chain data cited by others shows long‑term Bitcoin holders added roughly 125,000 BTC during the recent dip, which suggests accumulation rather than a broad selloff into gold.
- Michael Saylor offered a different explanation for Bitcoin's weakness this year, saying large capital raises by AI companies have pulled money away from crypto rather than that capital moving into bullion.
- Traders are watching the ratio as a binary signal: a confirmed breakout could shift flows into gold and change trading plans, while a rejection at the channel top would strengthen the case for a renewed Bitcoin‑led cycle.