A week ago, CoinDesk reported that bitcoin’s price rally is expected to gain momentum as gold loses its bullish edge, prompting a rotation of capital from the yellow metal into the leading cryptocurrency by market value.

The pivotal moment appears to be here, bolstering the case for a continued BTC price to $80,000 and higher by the year-end, according to the latest developments in the ratio between bitcoin’s per-piece dollar price and gold’s per-ounce price.

The ratio surged 12% Wednesday as the pro-crypto Republican candidate Donald Trump won the U.S. presidential election, registering BTC’s biggest single-day outperformance relative to gold since Feb. 28, 2022, according to charting platform TradingView.

More importantly, Wednesday’s surge confirmed an end of an eight-month-long downtrend, identified by a trendline connecting highs in March and June.

The breakout suggests a renewed outperformance of bitcoin relative to gold, fueled in part by investors reallocating their funds from the yellow metal to BTC.

“Analyzing the BTC to gold ratio, we can see that the downtrend [indicative of gold’s outperformance since March] is starting to reverse. Globally, investors will increasingly focus on hedging against currency debasement and capitalizing on the Trump market play, both of which favor BTC,” Noelle Acheson, author of the Crypto Is Macro Now newsletter said.

BTC also stands to benefit from the expected regulatory clarity for the digital asset industry and increased institutional adoption under Trump’s presidency. There is speculation that the Trump administration could build a strategic bitcoin reserve.

Meanwhile, gold’s fate will likely be decided by the expectations of elevated interest rates under the Trump presidency, which could dent its appeal.