Trader Peter Brandt: Considering Selling Some Bitcoin for Gold

CoinFeed July 6 news, according to CoinDesk report, veteran trader Peter Brandt said he is considering selling part of his Bitcoin holdings and buying gold, believing that gold will rise significantly against Bitcoin. Brandt pointed out that the XAU/BTC chart shows a rounding bottom pattern, suggesting that the downward trend of gold relative to Bitcoin over the past decade may have reversed, and the ratio is beginning to rise. Both BTC and gold have been under pressure recently, but Bitcoin's performance has been notably worse—it fell 20% in June to below $60,000, the worst monthly performance in four years, while gold fell 11.7% over the same period. Year-to-date, Bitcoin is down 28%, and gold is down 3.9%.