Both of these concepts have been explored in science fiction and there have been arguments made in favor of for both of these disciplines. Most people are more familiar with Chaos Theory. Butterfly Effect is an idea that is more commonly known among the general population (I hope I'm not overestimating the general population here .
For those who are interested in learning more than the surface level things about Chaos Theory, I can recommend this video. It is a very beginner friendly introduction.
There are people who are trying to create a working model of Psychohistory (they don't call it that) and have had unimpressive results so far. The subject is still an area of interest for some as a scientific disciplines. The following video is a good unbiased analysis of the practicality of Psychohistory can be regarded as a good introduction when combined with the Wikipedia Page.
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Both Could Be Partially Correct.
A Better Synthesis Is Needed.