Do you remember the market in 2020? Gold first broke through to new highs, while Bitcoin was still slowly climbing below the old highs. And then? Once the gold surge calmed down, Bitcoin started an astonishing pump.

Now, a similar story seems to be unfolding.

Today, gold has reached a new historical high, with a cumulative rise of over 70%. Meanwhile, Bitcoin is still hovering around $88,000, having dropped 30% from its high in October. This comparison is quite obvious, right?

Looking at this year's macro situation: the Federal Reserve has cut interest rates three times, the Treasury Department continues to buy $40 billion in government bonds every month, and the global money supply has repeatedly hit new highs. Money is indeed increasing, but the question is, where is all this money going?

The answer is the same as the previous two cycles - they first flowed into gold.

Interestingly, the technical indicators for gold are currently showing signs of overbought conditions, and the space for further short-term rise is beginning to be limited. Once funds start to withdraw from gold in search of the next safe-haven or growth asset, how fierce will Bitcoin's response be?

It's clear when you do the math. The market value of gold is about 31 trillion dollars, while Bitcoin is only 1.75 trillion. Even if in the next 5 years, the market value of Bitcoin only reaches 30% of gold, the corresponding unit price would approach 450,000 dollars.

History rarely repeats itself, but it always loves to rhyme. Could this time be an exception?