Market participants are debating whether Bitcoin’s latest advance marks the start of a new bull market or a temporary rebound, with sentiment increasingly tied to Bitcoin’s strengthening correlation with gold and its decoupling from equities. The view presented in the commentary is that BTC is increasingly being treated as an alternative gold trade, while capital from investors rotating out of the AI trade may be contributing to renewed interest in crypto. The commentary also points to strong on-chain activity and persistent speculative demand across blockchain markets, while cautioning that broader external capital inflows may still be insufficient to sustain price action in the short to medium term. With price described as closer to higher-timeframe resistance than support, the outlook suggests volatility could remain elevated in both directions.