Bitcoin‘s (CRYPTO: BTC) underperformance against gold continues to spur debate among crypto commentators.
Why Bitcoin Looks Cheap Against Gold
Satsuma’s Chief Bitcoin Strategist Mark Moss says Bitcoin looks “cheap” in gold terms, noting BTC tends to revisit its 200-week moving average against gold roughly every four years, historically a strong long-term accumulation zone.
While downside risk remains in the short term, these phases have consistently offered attractive opportunities to add BTC.
Prominent macro commentator Capital Flows responded that macro liquidity and flow data also suggest Bitcoin is undervalued, with gold no longer meaningfully siphoning capital.
Positioning is now neutral, meaning even small positive catalysts, such as regulatory clarity or shifts in rate-cut expectations, could trigger an outsized move higher.
He added that meaningful progress on tokenization and stablecoin regulation could unlock the largest capital inflow into crypto to date, especially with a pro-crypto administration in place.
Bitcoin/Gold Ratio Is Entering Accumulation Phase
Trader Michael van de Poppe highlighted that BTC-to-gold is at historic extremes, with the valuation gap wider than ever relative to fair value.
The 2-week RSI is at its lowest level on record, below both 2018 and 2022 bear market lows.
He argues that pricing Bitcoin purely in dollars misses the point, against gold, BTC looks extremely cheap while gold appears stretched.
Trader Niels echoed this view, noting Bitcoin has already fallen around 60% versus gold and appears to be nearing the end of its dump phase. He expects a 4–6-month consolidation period before the next major uptrend begins.
Over the past month, gold has surged roughly 12%, while Bitcoin is essentially flat (+0.06%), despite briefly peaking near $97,000 this month.
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