Gold prices fell sharply at the start of the week, losing nearly 3.5% as markets shifted toward riskier assets amid signs of easing US–China trade tensions.
The drop came just days after investor and influencer Momin - who boasts more than 170K followers on X - " called the top on gold."
"We called the top on $GOLD while validating the thesis of rotation to crypto incoming next.... Let's see how long it lasts, but I believe we are due for a new ATH on Bitcoin if we don't get major geopolitical uncertainties.... Time to cook!"
On Oct. 27th, spot gold plunged 3.3% to $3,978.81 per ounce as of 20:35 GMT+5:30, marking its steepest single-day drop in over a decade after opening at $4,085.70 and touching an intraday low of $3,976.66, according to TradingView data .
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The metal has now fallen more than 9% from its record high of $4,381.21 reached on Oct. 20.'Double top' warning comes true
Momin had earlier flagged a bearish setup for the precious metal, writing:
"Double top for $GOLD? Seems like on LTF for now... We don't want to see it go higher, or else that would lead to much lower prices on risk-on assets.... Would be watching it closely for the days to come..."
The call appears timely as Asian equities rallied on renewed optimism of a potential US–China trade deal .
Bitcoin climbs as traders rotate to crypto
Meanwhile, Bitcoin (BTC) rose nearly 1% in 24 hours to $114,796, with daily trading volume surging 77% to $58.2 billion, per CoinMarketCap . The asset remains just 9% below its all-time high of $126,198 set earlier this month.
If Momin's "rotation to crypto" thesis holds, traders may be watching for another test of Bitcoin's record levels before year-end.
Related: What is Bitcoin mining? Explained
RookieXBT echoed a similar sentiment, suggesting that the metals-to-crypto rotation could continue into year-end.
"Gold cools down for the rest of the year. Bitcoin goes up for the rest of the year. Capital rotation. Goldilocks period for risk assets. Believe in something," he wrote on X (formerly Twitter), alongside a comparative chart of gold and Bitcoin prices.
This story was originally reported by TheStreet on Oct 27, 2025, where it first appeared in the Business News section. Add TheStreet as a Preferred Source by clicking here.
