The pattern implies that Bitcoin could outperform gold significantly in the coming weeks, pushing the $BTC/Gold ratio toward the 1.618 Fibonacci extension, a level historically associated with market euphoria and exhaustion.
To this end, Bitcoin’s relative value to gold is projected to surge toward the upper boundary of a long-term ascending channel, marked near the 70–75 zone. This region coincides with major Fibonacci extensions and serves as Zeberg’s anticipated “$BTC tops” level.
Once this level is reached, the economist expects the ratio to reverse sharply, potentially signaling a new phase of weakness for Bitcoin while gold regains dominance.
On the other hand, the RSI remains in a broader downtrend, indicating that any near-term rally could mark the final leg before a major correction.
Similar divergences have historically signaled key turning points, including Bitcoin’s peaks in 2021 and mid-2024.
Short term risk favouring crypto
Now, Zeberg expects this move to unfold within a short-term “risk-on” phase favoring crypto, before a sharp reversal allows gold to regain strength as markets shift back to a “risk-off” environment.
Indeed, this outlook comes at a time when both asset classes have seen volatility in recent sessions. Notably, Bitcoin has traded below the $110,000 support but has seen increased buying pressure amid optimism surrounding a possible trade deal between the United States and China.
Meanwhile, after an impressive run in 2025 that culminated in new highs above $4,000, the precious metal has recorded notable capital outflows, dropping below that level to trade around $3,925 as of press time, although some analysts are warning of a possible crash.
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