The pieces are starting to fall.

I have been speaking about the GOLD to BTC rotation for a while and everyone has just been laughing at it.
GOLD has had its strongest run in its history, adding $26tn to its market cap over a two year parabolic advance.
And whilst its been peaking, BTC has been dropping hard, making it impossible to see a positive future for Bitcoin.
But the size of the run and the several month divergence of the two is irrelevant in rotation terms... the rotation is all about market conditions.
I've shared a few charts on this, but here is another one that I have kept as simple as possible.
GOLD is a risk off asset that thrives in times of uncertainty. And, as we can see very clearly, it performs well when the PMI is in contraction. This is because we are in a recession, interest rates are high and and/or the economy is struggling.
Thus, investors buy GOLD to protect their capital.
However, once we shift to a PMI expansive environment where rates are coming down, business is expanding and economic uncertainty is fading.... GOLD tops.
From here is always where Bitcoin has begun to perform better than GOLD, as BTC begins to run and GOLD consolidates.
Therefore, it is no surprise that as we have now had 2 months in PMI expansion, for the first time in years, GOLD is looking topped and BTC is looking bottomed.
And we are beginning to see this reflect in the BTC/GOLD chart.
I have not understood the laughs that saying GOLD rotates into BTC, because even though it may not actually physically rotate, it definitely rotates in terms of what asset investors choose to hold.
This is yet another very solid piece of data that shows us we are not in the same position as 2022, at all.
And betting on a prolonged bear market is simply not smart at all.
It is not where we are.
I think we can start to say a bit more confidently that GOLD is very close to topping, or is topped, and BTC has bottomed, or very close.