Do you remember the year 2020? At that time, gold surged to a new high while Bitcoin struggled below its old high. What happened? As gold's rally slowed, Bitcoin began its legendary surge.

Now, this script is playing out again.

Gold has set a new historical high today, with an increase of over 70%, while Bitcoin is still around $88,000, 30% lower than its high in October.

Looking back at this year's macro data: the Federal Reserve has cut interest rates 3 times, the Treasury has been buying $40 billion in government bonds each month, the global money supply has reached an all-time high, and liquidity is returning.

The question is, where has the money gone? The answer is that, like the previous two cycles, it first went to gold.

Current data shows that gold is severely overbought, and the room for short-term acceleration is narrowing. Once funds start to shift from gold to other assets, Bitcoin's price elasticity will be significant.

After all, the market value of gold is about $31 trillion, while Bitcoin is only $1.75 trillion. Even if Bitcoin's market value only reaches 30% of gold's in the next 5 years, the corresponding unit price will be around $450,000.

History does not repeat itself exactly, but it always rhymes. Will this time be an exception?