sudden reversal of gold It’s starting to have an impact What do some market watchers think about Bitcoin’s next move? In a market note shared on X, noted analyst Joanne Wesson noted that the relationship between the two assets is unfolding along the sequence he outlined earlier this year: gold peaks first, volatility erupts, then Bitcoin reacts sharply and liquidity begins to return to Bitcoin.
Gold’s euphoric peak was a warning sign
Retail and institutional enthusiasm reached a huge peak in late January when gold reached an all-time high of $5,589 per ounce. However, cryptocurrency analyst Joanne Wesson warned at the time that the move was a buying climax consisting of a rapid, high-volume price spike driven by the euphoria of the peak.
The attached chart is Posted by Joanne Wesson pinpointed that moment, marking BC near gold’s all-time high before a sharp decline, followed by an early March test that failed to produce a sustained breakout above January’s all-time high.
As of today, Sunday, March 22, 2026, gold is trading at $4,493 per ounce, down approximately $150 (approximately -3.23%) from yesterday’s rate of $4,643. On March 19th, gold prices traded as low as $4,551, a decline of about 18.5% in less than two months and a decline spanning seven consecutive sessions. It was the worst week of price action since 1983.
Gold purchase climax. Source: @joao_wedson On X
How will this affect Bitcoin?
Bitcoin significantly underperforming This year we compared it to gold, and both assets Adjustment during decline. The top half of Wesson’s chart draws a direct line from gold’s reversal to Bitcoin’s own decline. His point is not that both assets move moment to moment during a crash, but that Bitcoin often reacts more abruptly. in the later stages of Gold’s weakness.
Bitcoin does not take the lead in the gold distribution stage, but it reacts violently in response. The speed of Bitcoin’s price movements means that the final stage of gold’s current decline, which may not be complete yet, carries significant risks for the leading cryptocurrency.
According to the analyst, the real opportunity for Bitcoin to rise will only begin when gold’s circulation phase nears its end and capital begins to return to risky assets like Bitcoin. However, that process will not take over immediately. In his view, the transition could take months and the full effects could not be seen until late 2026.
At the time of writing, Bitcoin was trading at $68,796, down 2.6% in the past 24 hours. However, looking at recent price trends, Bitcoin is starting to outperform goldthe BTC/Gold pair on TradingView rose 3.68% in the past 24 hours.
Bitcoin/Gold. Source: TradingView
Featured image from Unsplash, chart from TradingView
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