Bitcoin (BTC) may be on the verge of a powerful rally that could temporarily dethrone gold as investors rotate capital into the largest cryptocurrency, according to economist Henrik Zeberg.
His technical analysis suggests the Bitcoin-to-Gold ratio is poised for a parabolic rise before hitting a major top, a move that could leave gold bulls nursing losses in the short term.
In an X post on October 27, Zeberg’s analysis noted that Bitcoin’s strength relative to gold is forming an extended Elliott Wave pattern, currently entering what appears to be the fifth and final wave of a multi-year cycle.
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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