Bitcoin–gold ratio slips below Power Law and 200-2W EMA as 2026 outlook diverges

In January 2026, the BTC/XAU ratio dropped beneath its long-term Power Law band and the 200-2W EMA level that had previously aligned with Bitcoin’s major dollar-denominated lows. This move came as gold rallied beyond $5,000 and large banks projected further gains toward $6,000 by year-end, while some analysts warned Bitcoin could fall under $50,000 after peaking near $126,200 in October 2025. A potential reversal in gold’s uptrend later in 2026 could ease pressure on BTC/XAU and reopen the path to price targets around $140,000.