Stocks printed fresh records and gold is on a tear crossing $3,900, but the last leg higher in traditional markets left bitcoin (BTC) behind.

The largest crypto, often touted as digital gold, has been stuck in a $100,000–$120,000 range for nearly three months after setting new highs in July and August.

The lag fits a pattern. Over the past couple of years, gold and bitcoin have taken turns: when gold breaks out, bitcoin tends to consolidate; when gold cools, BTC often resumes the advance.

From January into April, BTC plunged about 30% while gold kicked off its next leg, rising roughly 28% to $3,500 at the height of the global tariff tantrum. Gold then stalled into August, and bitcoin took the baton, rallying about 60% from trough to peak to notch fresh records.

Bitcoin to catch up when

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