**[Opinion: Bitcoin May Experience a Gold Catch-Up Rally, But the Time Window is Narrowing]** BlockBeats reported on October 23 that David Grider, partner at Finality Capital Partners and former head of research at Grayscale, posted on social media stating that as of 2025 to date, gold has significantly outperformed Bitcoin. Similar situations have only occurred twice in the past eight years—2018 and 2022—both of which were bear market cycles for the crypto market. The market generally expects Bitcoin to follow gold's parabolic rally and reach the $170,000 mark by the end of the year. We agree with CrossBorder Capital's view that gold has a significant influence on Bitcoin's price. After all, both are deeply affected by global liquidity, though risk appetite and geopolitical factors also play critical roles. From a data modeling perspective, CrossBorder Capital's calculations indicate that gold and Bitcoin exhibit a short-term negative correlation but maintain a long-term positive correlation—gold price increases typically take 8-9 weeks to transmit to Bitcoin. Overall, we believe Bitcoin's catch-up trades generally offer a better risk-reward ratio during most periods. However, if the catch-up rally driven by liquidity or currency devaluation is to occur, it must start soon. Otherwise, the correlation between gold and Bitcoin this time may break due to geopolitical and risk appetite factors. This would be similar to the scenario at the start of the bear market in early 2022, when gold surged during the Russia-Ukraine conflict while Bitcoin declined.