Remember 2020? Gold was hitting new highs all the way up, while Bitcoin was still stuck below its previous high, catching its breath. And then, as gold's rally slowed down, Bitcoin kicked off that crazy surge.

This scenario is now playing out again.

Recently, gold hit a new all-time high, with an increase of over 70%. At the same time, Bitcoin hovered around $88,000, which is still 30% below its October peak. Speaking of this year's macro environment, the Federal Reserve has cut interest rates three times, the Treasury has been buying $40 billion worth of government bonds every month, and global liquidity is at an unprecedented level, gradually warming up.

But where did all this money end up? The answer is the same as in the previous two cycles—initially flowing into gold.

From current data, signs of gold being highly overbought are quite clear, and the short-term space for continued crazy growth is narrowing. Once funds start shifting from gold to other assets, how much room for Bitcoin to rebound is there? The potential is huge. After all, gold's market cap is around $31 trillion, while Bitcoin's is only $1.75 trillion. If Bitcoin can capture just 30% of gold's market cap in the next five years, the single coin price could soar to around $450,000.

History never repeats exactly, but it often rhymes. Could this time be an exception?