It started as one of those moments that gets traders excited – a historic crash in gold and a fast rally in crypto. But just 24 hours later, both markets are reminding everyone how unpredictable things can get.
Top crypto analyst Michaël van de Poppe shared what looked like a turning point for markets: “The biggest drop of gold since 2013 in a single day. Bitcoin running up fastly. Break $112K and test the all-time high. Ethereum runs to $5,000+. Altcoins are starting their first 5–10x run. The bull run.”
Gold had dipped from around $4,400 to $4,100, marking its steepest one-day fall in over a decade. The sharp selloff instantly sparked theories that money was flowing out of gold and into crypto – the “digital gold rotation” narrative that’s been a popular topic in the crypto community recently.
For a brief moment, it looked like van de Poppe’s call was spot-on. Bitcoin broke above $112,000, Ethereum climbed past $4,100, and traders started talking about a potential new leg of the bull market. But the excitement didn’t last. Within hours, the rally lost steam. Bitcoin slipped back toward $108,000, Ethereum returned to the low $3,800s, and most altcoins gave up their short-lived gains. The quick reversal shows that while there’s enthusiasm for crypto as an alternative asset, the move wasn’t backed by strong volume or conviction.
The biggest drop of Gold since 2013 in a single day. #Bitcoin running up fastly.
— Michaël van de Poppe (@CryptoMichNL) October 21, 2025
– Break $112K and test the all-time high.
– $ETH runs to $5,000+
– #Altcoins are starting their first 5-10x run
The bull run.
As crypto cooled off, the gold price found support around $4,050 and began climbing again. It’s now trading just above $4,100, which means traditional investors may not be abandoning the metal after all. That rebound also weakens the idea that money is shifting from gold to Bitcoin in any major way. If anything, both markets seem to be moving independently – and neither side is thrilled about how the day unfolded.
The past 24 hours show how quickly sentiment can flip. For a few hours, crypto looked unstoppable and gold looked broken. But both markets ended up more or less where they started – with plenty of volatility and little direction. For now, it seems premature to call it a new phase of the bull run. Bitcoin is holding steady above $110K, which is positive, but there’s no confirmation yet of the breakout that van de Poppe predicted.
This was a wild day for traders, but not necessarily a defining one. Gold had its biggest one-day drop in over a decade, crypto briefly rallied, and then both cooled off. If anything, this moment highlights a deeper truth about markets: hype moves fast, but conviction takes time. Both gold and Bitcoin may still have strong long-term stories – but right now, neither side is celebrating.
Read also: Crypto 4-Year Cycle Might Be Wrong: Why Bitcoin Price Peak Is Not Here Yet
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