The weekly chart above shows the ratio of Bitcoin’s price to the price of gold. After a massive move up by BTC in the second half of 2020 into the first quarter of 2021, BTC has corrected both in terms of the USD and gold. As you can see, the BTC:GLD ratio found support on the 50 week MA. The ratio traced out a 3,3,5 corrective flat in Elliott Wave terms. Should the ratio take out 23.35, then this would be confirmation that the next big BTC run vs gold is underway. This doesn’t imply GLD will necessarily lose value relative to the USD but relative to BTC. So while gold was a safe haven for investors over the past four months, it might be time for those holding gold to rotate into BTC if we see a weekly close of the BTC:GLD ratio over 23.35.