The copper-gold price ratio (copper divided by gold) usually reflects the strength of economic activity Copper prices are related to industrial demand and economic growth, while gold prices are linked to safe-haven demand and economic uncertainty A high copper-gold ratio usually corresponds to economic expansion, while a low copper-gold ratio corresponds to economic contraction or increased risk aversion The top of the Bitcoin bull market coincides with the high point of the copper-gold ratio, which may suggest that Bitcoin prices are more likely to peak when economic optimism is high