But gold isn't the only asset partying while bitcoin stagnates under $115,000. During this period, the S&P 500 climbed from around 4,000 to 4,600, while bitcoin declined from just under $30,000 to $25,000. The second divergence took place later that year when the S&P 500 rallied from 5,200 to 6,000 from April to October. History suggests that while bitcoin and the S&P 500 often move in the same general direction, they periodically diverge for extended periods. The data from at least this current cycle suggests that bitcoin is likely to catch up to gold.