Printed fresh records and gold stocks are over $3,900 in tears, but in traditional markets the last leg left Bitcoin BTC$117,542.20 Behind.
The biggest code, often touted as digital gold, has been stuck in the $100,000-$120,000 range for almost three months since setting new highs in July and August.
The rug fits the pattern. Over the past few years, gold and bitcoin have been replaced. When gold breaks out, Bitcoin tends to consolidate. When gold cools, BTC often resumes its progress.
BTC vs. Gold (TradingView)
BTC plummeted about 30% from January to April, but Gold launched its next leg, rising about 28% at the height of the global tariff tantrum to $3,500. Gold then stagnated in August, with Bitcoin taking the baton and notching fresh records, rising about 60% from the trough to peak.
Bitcoin catches up when gold tires
“Gold likes low prices and weak economy, but Bitcoin really likes them,” said Charlie Morris, Bytetree’s chief investment officer, in a recent report. “Bitcoin likes a super-strong economy, and low prices are linked to poor economic times,” he added that the relationship between BTC and gold is loose. The 90-day correlation is averaged 0.1 – “basically zero.”
Currently, Gold is on a lockout rally towards $4,000, with about 17% gains from a seven-week streak. Meanwhile, Bitcoin is still below $120,000.
If the recent rhythm is kept, then a pause in gold, and even a sideways drift, could be a break from the next range of BTC and another run on the record.
“The good news for Bitcoin is sooner or later, gold is exhausting,” Morris said.
