Quick note up front. This indicator is not mine, it is built by Julius on CT (@jv_finance). I have been following his work for a while and this one is worth paying attention to.

Now on to the chart.

The BTC to Gold ratio has slipped below the model’s lowest power-law band. That grey zone is basically the statistical basement of the entire dataset. The only other time BTC fell out of the bottom like this was late 2017 and the ratio snapped back into the stru