Bitcoin and Gold: Raoul Pal Explains Why Bitcoin Usually Follows Gold’s Trend

According to CoinWorld, macro investor Raoul Pal pointed out that Bitcoin's recent underperformance compared to gold is normal. He observed that in market cycles, gold typically rallies before Bitcoin, mainly driven by changes in global liquidity. He attributes the current gap to damages unique to the cryptocurrency market rather than a break in the cycle, and believes that most investors are under-allocated to cryptocurrencies. Pal's "Everything Is Code" framework links about 90% of Bitcoin's price movements to liquidity, and he predicts that if the expected improvement in liquidity materializes, 2026 could become a pivotal year for Bitcoin, as it is currently at the end of the risk curve and is poised for a rapid recovery.