After U.S. President Trump commented on inflation on his social media platform, gold prices reached an all-time high. In contrast, Bitcoin experienced a downward trend on Monday, which analysts believe reflects Bitcoin's "split personality."
IG market analyst Tony Sycamore told Cointelegraph that there has been a strong correlation between gold, Bitcoin, and the Nasdaq over the past two and a half years, with all three moving in tandem.
He added, "Sometimes Bitcoin is seen as a store of value or a safe-haven asset, and other times it is viewed as a risk asset."
According to GoldPrice data, gold prices rose by 1% on Monday, reaching $3,485 per ounce, setting a new historical high. This came after Trump posted on his social media platform Truth Social (Trump's social platform) on Sunday, stating, "U.S. prices are 'significantly down,' with almost no inflation."
Meanwhile, Bitcoin (BTC) moved in the opposite direction, falling to its lowest point since early July.
TradingView data showed that Bitcoin dropped to a two-month low of $107,290 on Coinbase on Monday morning. Bitcoin has seen its largest pullback since hitting an all-time high in mid-August, with a decline of over 13%.
Vince Yang, co-founder of the Ethereum (ETH) Layer 2 platform zkLink, told Cointelegraph, "Currently, Bitcoin and gold are not actually moving in sync."
"The correlation is very low, and this year it has even been negative at times. Gold remains the classic 'safe-haven' asset, while Bitcoin is more linked to liquidity and market risk. They actually balance each other out rather than moving forward together," he said.
However, Sycamore believes that the correlation between Bitcoin and gold may eventually return, reflecting past trends.
"In the long run, I think if Trump keeps the economy overheating and the Federal Reserve cuts interest rates amid persistent inflation, the correlation between Bitcoin and gold will strengthen again, and both will rise," he said.
"The key is at what price point Bitcoin will find support," he added.
At the same time, historical data shows that Bitcoin prices typically rise within 150 days after gold sets a new high.
During the pandemic in 2020, gold prices broke through $2,000 to set a new high, and subsequently, Bitcoin also reached a new all-time high the following year.
Joe Consorti, growth director at Theya, stated earlier this year that Bitcoin's price typically lags behind gold by 100 to 150 days.
Related: Reports indicate that Trump is considering a post-war Gaza plan, proposing tokenized land.
Original article: “Analyst: Bitcoin (BTC) Shows 'Split Personality' as Gold Hits New High”
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