Hard times are over, and the true test of the market has just begun.

As an observer who has long been involved in the crypto space, I want to seriously address this question. Some readers pointed out that gold took 13 years to effectively break through after reaching a historical high in 2011—this observation is quite accurate and directly highlights the current real-world dilemma faced by the Bitcoin market.

**Gold's textbook example: Great assets never move in a straight line**

Looking at gold's historical trend, an unavoidable reality is clear: even as a recognized safe haven, the path to price discovery is full of thorns. After reaching a new high in 2011, gold experienced years of oscillation, repeated fluctuations, and significant corrections. What seems like endless waiting is actually a necessary phase for market consensus to coalesce—an tug-of-war between old and new capital, and repeated validation of investment logic—all of which require time to settle.

**What is happening now?**

Interestingly, the market in 2025 has played out a scenario worth pondering: gold prices repeatedly hit new highs, while Bitcoin retreated from its peak and entered a high-level consolidation. This divergence is not a coincidence but a brutal "identity verification" process by the market.

**Data speaks: the decoupling of correlations**

The data makes this clear. Recently, the 90-day rolling correlation coefficient between Bitcoin and gold has remained below 0.1 for a long time, and at times even dipped into negative territory. In other words, these two assets are no longer the old partners of "you rise, I rise," but are driven by different forces. When global risk premiums rise and uncertainty increases, traditional funds still firmly choose gold—the safe haven tested over thousands of years.

The story of Bitcoin is still being written, but gold already has an answer. This is not about winning or losing, but about the market re-evaluating the asset's properties.