Comparison Chart of Bitcoin and Gold Shows the Bear Market May Be Coming to an End

Michaël van de Poppe, a cryptocurrency analyst, pointed out that the Bitcoin versus gold chart is “the best chart in the ecosystem,” arguing that it tells a very different story from Bitcoin’s performance against the US dollar.
According to him, the important metric is not the value of Bitcoin in dollars, which he believes will trend upward over time, but rather its relative strength compared to gold, as both are considered tangible assets.

Bitcoin Compared to Gold at Historic Lows
Van de Poppe emphasized that Bitcoin’s value relative to gold is currently at an all-time low.
While many investors believe the market has only just entered a bear phase after Bitcoin reached an all-time high in dollars in October 2025, he argues that the BTC/Gold chart shows the opposite.
In his view, Bitcoin actually peaked against gold in December 2024. This implies that the market experienced a roughly 14-month bear cycle.

Is Historical Pattern Repeating?
He noted that previous bear markets, based on the BTC/Gold ratio, lasted about 14 months:
From November 2013 to January 2015
From December 2017 to February 2019
From April 2021 to June 2022
In each case, the weekly RSI indicator on the BTC/Gold chart hit near extreme lows before a multi-year bullish trend followed.
According to van de Poppe, the weekly RSI is currently at its lowest point in history, aligning with previous cycle lows.

Reconsidering the All-Time High in October 2025
This analyst also revisited Bitcoin’s all-time high in dollars in October 2025.
He suggests that this move may not reflect Bitcoin’s true strength. Instead, he argues it could be primarily driven by the strong rally in gold and silver, which in turn pushed Bitcoin’s dollar value higher along with the overall rise in tangible assets.
When valued in gold rather than dollars, Bitcoin has been declining for over a year.

The End of the Bear Market?
Van de Poppe concludes that instead of being in the early stages of a bear market, Bitcoin may be in its final phase.
Historically, extreme lows in the BTC/Gold RSI often appeared before prolonged growth periods. In his view, betting on a significant decline from the current level would require assuming that the record-high RSI ratio continues to worsen.
He affirms that similar points in previous cycles have proven to be strong long-term entry points, suggesting that the current setup could follow a similar pattern.