The chart below shows Bitcoin and its power law curve. We can see that the $60k level is a support level based on previous highs and lows as well as where the power law support curve is (or will be after a few months of backing and filling). Now look at the bottom panel. This shows the Z-score of the gold/silver ratio (blue) as well as the gold/Bitcoin ratio (orange). While gold is “cheap” compared to silver, it’s “expensive” compared to Bitcoin. We are not quite at the extremes seen at previous inflection points but we are getting close.