Bitcoin moves closer to gold as Nasdaq correlation falls – Can BTC repeat 2020?

Recent data show Bitcoin’s correlation with the Nasdaq has declined while its correlation with gold has risen. This shift indicates market participants may be increasingly treating BTC like a macro hedge or safe‑haven asset rather than a pure tech/risk-on exposure. If the decoupling holds heading into the next halving, Bitcoin could replicate a 2020‑style rally driven by macro liquidity and safe‑haven flows rather than strictly risk‑on dynamics. Sustained outperformance, however, still depends on broader macro conditions and liquidity, so decoupling alone does not guarantee a repeat.