Bitcoin Outperforms Gold, Price Could Break Rp2.9 Billion

Bitcoin, the world’s most valuable cryptocurrency, has demonstrated significant performance compared to gold, which has been under pressure for seven consecutive months. Since its lowest point in March 2026, Bitcoin has recovered nearly 40%, sparking market optimism for a major rally in the coming year.

Nik Bhatia, founder of The Bitcoin Layer, assesses that a recovery phase is forming. This resurgence is reflected in the Bitcoin-to-gold ratio, an indicator measuring the performance of the digital asset against the precious metal, which has recorded two consecutive months of gains.

“The rebound has occurred,” Bhatia stated, quoted from TipRanks on Wednesday, 6 May 2026.

A report from Fidelity Investments indicates that Bitcoin has now entered an accumulation phase and is even outperforming gold’s performance.

Historically, sharp spikes in this ratio often emerge at the end of bearish phases and serve as early signals of major rallies. In previous cycles in 2015, 2019, and 2022, similar patterns resulted in average increases of up to 180% within one year.

If this pattern repeats, Bitcoin’s price could break through US$167,250, or approximately Rp2.9 billion (based on an exchange rate estimate of Rp17,380 per US dollar). This target is projected to be achieved by April 2027.

Several analysts have also raised their price projections. Research firm Bernstein estimates Bitcoin could reach US$150,000 in 2026, driven by shifts in capital flows from gold to digital assets.

Bitwise’s Chief Investment Officer, Matt Hougan, believes Bitcoin’s market capitalisation could surpass the global gold market, valued at around US$30 trillion, in the long term.

Behind this optimism, several technical indicators still signal caution. The Bitcoin-to-gold ratio currently remains below the long-term moving average, which has historically marked market lows.

A rising wedge pattern in the daily chart opens the possibility of a short-term correction of up to 20% against gold. External factors also pose risks, including high oil prices and high interest rate policies from the Federal Reserve that could pressure risk assets.

As of 3:45 PM WIB on Wednesday, 6 May 2026, Bitcoin’s price was around US$81,648.06, or approximately Rp1.41 billion. This level reflects a 0.98% increase over the past 24 hours.