Here's what bitcoin bulls are saying as price remains stuck during global rally

It's about a lot more than "zooming out." Supply overhangs and investor "muscle memory" regarding gold help explain bitcoin's poor absolute and relative performance. What to know : Bitcoin has failed so far to act as an inflation hedge or safe-haven asset, lagging badly behind gold, which has surged amid high inflation, wars, and interest rate uncertainty. Crypto advocates argue that bitcoin’s weakness reflects a temporary supply overhang, investor “muscle memory” favoring familiar precious metals and its correlation with risk assets, rather than a collapse in long-term demand. Many bitcoin proponents still see BTC as a superior long-term store of value and “digital gold,” predicting that, once traditional hard assets are overbought, capital will rotate into bitcoin, allowing it to “catch up” to gold.