Michaël van de Poppe, a well-known analyst in the cryptocurrency market, states that Bitcoin’s performance against gold is one of the prominent indicators in the ecosystem. Although these two assets, which are frequently compared in financial markets, are evaluated similarly as “hard assets”, according to van de Poppe, what is important is not the dollar but the course of Bitcoin compared to gold.
Historical Drop in Bitcoin-Gold Ratio
Van de Poppe pointed out that the current value of Bitcoin against gold is at its lowest level in history. He has a different view on the views of some investors that Bitcoin is in a decline that lasted only a few months after breaking the dollar-indexed record in October 2025.
According to the analyst, Bitcoin reached its highest value in terms of gold in December 2024 and has been declining since then. Judging by this situation, Bitcoin may have been in a bear market for about 14 months.
Repetition of Historical Cycles
Van de Poppe states that Bitcoin’s previous bear markets against gold lasted an average of 14 months. In the past, the periods of November 2013-January 2015, December 2017-February 2019 and April 2021-June 2022 are given as examples of this.
Each time, the weekly RSI (relative strength index) of the Bitcoin/gold pair reached lows, followed by long-term bullish movements. According to Van de Poppe’s evaluation based on available data, today the weekly RSI index has reached its lowest level in its history. This is strikingly parallel to the troughs of previous cycles.
Different Analysis of Bitcoin’s Peak Against the Dollar
The analyst argues that despite the all-time high in dollar terms seen in October 2025, this increase may not be an indicator of Bitcoin’s strength per se. According to his statement, it is considered that the increases in gold and silver during this period may have increased the value of Bitcoin against the dollar.
From this perspective, Bitcoin’s depreciation in terms of gold has been continuing for more than a year and points to a different dynamic in the cycles in the ecosystem.
According to van de Poppe, who evaluated this chart, Bitcoin’s performance against gold is pushing historical bottoms and previous cycles have led to long-term rises here. The analyst points out that predicting that this rate will move further down from its current level may be incompatible with past cycles.
Under similar conditions in previous periods, it was seen that Bitcoin offered entry points at the bottom levels in terms of gold. It is stated that the current situation may follow a process similar to these examples in the past.
