Bitcoin Lags S&P 500 and Gold, but History Points to a Potential Catch-Up
Bitcoin has recently lagged behind both gold and U.S. equities. Gold crossed $3,800 per ounce on Tuesday, marking another record, while the S&P 500 continues to hover near all-time highs just below 6,700.
Despite trading below $115,000, Bitcoin remains in a bullish phase. Its performance, however, has periodically diverged from the S&P 500 throughout the current cycle:
- March–July 2024: S&P 500 rose from 4,000 to 4,600, while Bitcoin dropped from just under $30,000 to $25,000.
- April–October 2024: S&P 500 rallied 5,200 to 6,000, while Bitcoin’s rebound only began in November, aligned with the presidential election.
Since May 2025, Bitcoin has consolidated between $110,000 and $120,000, even as the S&P 500 advanced steadily. BTC briefly hit new all-time highs in August but quickly returned to the lower end of its range.
Historically, periods of divergence are often followed by Bitcoin catching up to broader markets. Analysts suggest this pattern could signal renewed upside potential for Bitcoin relative to both gold and the S&P 500 in the near term.
