coindesk.com
Stocks printed fresh records and gold is on a tear crossing $3,900, but the last leg higher in traditional markets left bitcoin $BTC$117,542.20 behind.
The largest crypto, often touted as digital gold, has been stuck in a $100,000–$120,000 range for nearly three months after setting new highs in July and August.
The lag fits a pattern. Over the past couple of years, gold and bitcoin have taken turns: when gold breaks out, bitcoin tends to consolidate; when gold cools, $BTC often resumes the advance.
From January into April, $BTC plunged about 30% while gold kicked off its next leg, rising roughly 28% to $3,500 at the height of the global tariff tantrum. Gold then stalled into August, and bitcoin took the baton, rallying about 60% from trough to peak to notch fresh records.
Bitcoin to catch up when gold tires
"Gold likes low rates and a weak economy, whereas bitcoin likes them firm," said Charlie Morris, chief investment officer at ByteTree, in a recent report. "Because bitcoin likes a super strong economy, and low rates are associated with economic slumps." He added that the $BTC–gold relationship is loose: the 90-day correlation has averaged around 0.1 — "basically zero."
Right now, gold is in a lockout rally toward $4,000, up about 17% across a seven-week winning streak. Bitcoin, meanwhile, is still ranging below $120,000.
If the recent rhythm holds, a pause in gold, or even a sideways drift, could be the tell for $BTC’s next break out of the range and another run at records.
"The good news for bitcoin is that sooner or later, gold will get tired," Morris said.