BTC vs. gold chart

What do you think of this? Barely surpassed 2021 ATH in this cycle...

It seems like, if trends continue (that is diminishing returns, as Benjamin Cowen calls it), BTC will at best be an oscillator versus gold.

This cycle's ATH so far has been just around 8% higher than 2021 ATH, and it doesn't seem like it will be surpassed by the end of this cycle.

If this trend continue, BTC will likely never overtake gold in market capitalization.

What can you expect for another cycle top? Again some 8% rise versus this one?

I don't think so. If diminishing returns continue, next cycle top, will likely be below this cycle top, at least when it comes to btc vs. gold.