Gold's six-month rally versus bitcoin shows similarities to the 2019 cycle

Core Viewpoint - Bitcoin is set to underperform gold for the sixth consecutive month as investors favor gold, traditionally viewed as a safe haven during economic and geopolitical instability [1] Group 1: Bitcoin Performance - The bitcoin-to-gold ratio has decreased by 23% this month, currently at 16.3 [2] - The decline in the bitcoin-to-gold ratio mirrors a similar trend observed in 2019, where bitcoin outperformed gold for five months following a similar pattern [2] - Bitcoin is currently priced around $82,000, reflecting a decline of just over 2% since midnight UTC, while gold has dropped more than 8% and silver approximately 16% [3] Group 2: Market Trends - The bitcoin-to-gold ratio has fallen by roughly 60% since its peak in late 2024, indicating that bitcoin has been in a technical bear market against gold for about 14 months [4] - A recent rebound in the ratio by 4% suggests potential signs of a market retrenchment, occurring after a significant selloff in global markets [3] - Even if the ratio has reached a low point, it does not guarantee a strong recovery for bitcoin, as it may indicate that gold is weakening at a faster rate than bitcoin [4]