Veteran trader who called 50% gold crash predicts more pain for Bitcoin

Web Desk August 12, 2026

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Veteran trader who called 50% gold crash predicts more pain for Bitcoin

Veteran trader Peter Brandt carries over five decades of experience and is well-known for often correctly predicting gold and Bitcoin (BTC) price swings.

His main claim to fame is predicting gold’s historic crash in 1980, turning him into a legendary figure among trading circles.

Brandt called 1980 gold crash

During the late 1970s, high inflation forced traders to flock to safe haven assets like gold, and the precious metal’s price began to surge as a result. By January 1980, its price hit a record high price of $850 per ounce.

But once the Federal Reserve intervened to aggressively raise interest rates to control inflation, gold’s price crashed by around 80% to around $450 per ounce. Its price had declined by more than 60% from its peak by mid-1982, what Brandt had already predicted.

Brandt predicted 2018 Bitcoin crash

Bitcoin believers call the cryptocurrency the digital equivalent of gold and the asset has not escaped Brandt’s scrutiny.

As Bitcoin’s price surpassed $10,000 in January 2018, the trader predicted a crash below $4,000 the same year. By December 2018, the prediction had come true.

More Bitcoin decline, Brandt predicts

While Bitcoin is currently trading 50% lower than the peak of $126,080 it hit on Oct. 6, 2025, Brandt predicted more pain ahead for the cryptocurrency.

On Aug. 9, he shared a price chart on X in which Bitcoin is forming a head-and-shoulders pattern this year.

BTC rises into the $75,000-$78,000 range in the left shoulder, then hits $82,000 at the head, and then falls back toward the $75,000-$78,000 range. As its neckline forms around $75,000, it even falls below that range.

The downward arrow in the chart shows Brandt predicting a further crash toward $58,000.

Since June, Bitcoin has been struggling to stay afloat above the $65,000 level.

Brandt said he isn’t betting yet, but if he were to bet, it would be for a decline, and the price level he has indicated is $58,000.

BTC/USD, Source: Decibel

Bitcoin was trading at $63,652 at press time, as per Decibel.

This story was originally published by TheStreet on Aug 12, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.