Bitcoin showed early signs of overtaking gold in the market as new data outlined an opportunity based on historical returns around the US midterm elections.
Bitcoin’s (BTC) long-term price trend against gold shows a bullish shift after retracing to a level previously seen in 2017, 2022, and 2023. The potential trend change appears alongside what analysts describe as an “opportunity within risk.”
MN Capital founder Michaël van de Poppe noted that the Bitcoin-to-gold ratio is showing strength after forming a bullish divergence with the relative strength index (RSI) on the daily chart.
A bullish divergence occurs when the price forms lower lows while momentum indicators such as the RSI form higher lows. The setup signals fading selling pressure.
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