Bitcoin Gold Relative ValuationGoldOANDA:XAUUSDUmlingoIf we look to the weekly chart , there is a positive correlation between Bitcoin and Gold. The relative valuation for each of the legs can be seen on chart. Bitcoin will rally further than gold and will then retrace to a lower multiple. This retracement multiple in the last 2 years has been 24 and 26. If gold holds near its current price , then Bitcoin is likely to retrace back to a lower relative valuation with gold. 1. 24 multiple = 90,000 2. 26 multiple = 97,500 3. 28 multiple = 105,000 From Bitcoin recent high of 119,000 to the current 109,000 , then relative valuation suggests Bitcoin has further to fall from 4000 to 19,000 points.