Bitcoin Outshines Gold and Tech Stocks in April Amid Market Turbulence

In April, Bitcoin outperformed both gold and tech stocks, gaining 13% while gold rose 7.5%. This month marked a noted decoupling from tech stocks, sparking interest among analysts and investors. President Trump’s tariffs caused movements in markets, with many investors seeking alternatives like Bitcoin. Analysts predict Bitcoin could hit $120,000 soon as traditional finance firms consider Bitcoin ETFs.

April was an interesting month for Bitcoin, as it managed to pull ahead of not just technology stocks but also gold. This signals what experts refer to as decoupling, meaning Bitcoin has started to move independently from tech shares, something it has mirrored for several years. Bitcoin surged 13% in April, trumping gold’s 7.5% gains, while the tech-heavy Nasdaq actually dipped by 0.1% in the same time frame.

The changes have gotten the attention of market analysts. Eric Balchunas of Bloomberg Intelligence pointed out on Twitter that big institutions are waiting for Bitcoin to act like a safe haven. If it does, he believes the market could respond dramatically. This comes amid a broader context of turmoil—stemming from President Donald Trump’s recent tariff policies that kicked off on April 2, dubbed “liberation day.”

Trump’s tariffs rattled the markets and challenged time-honoured notions of the US dollar’s stability. The DXY Index, which gauges the dollar’s strength against a mix of major currencies, fell by 4.3% through April. Many investors are now hunting for a safe haven away from US dollars and debts, leading to a spotlight on Bitcoin, which many view as a more stable option amid increased volatility.

The performance of Bitcoin when placed next to the Nasdaq during these unstable times appears quite notable. Analysts from Bernstein remarked how striking Bitcoin’s market outperformance has been amidst the ongoing tariff crisis. David Lawant from FalconX underscored Bitcoin’s low volatility in April during an interview with Bloomberg, reiterating its potential as a safer alternative.

Matt Hougan, the Chief Investment Officer at Bitwise, forecasted that traditional financial firms, like Merrill Lynch and Morgan Stanley, will soon provide access to Bitcoin exchange-traded funds (ETFs). He still holds the view that Bitcoin ETFs could set new records for net inflows this year, despite only bringing in $3.7 billion thus far in 2025, as compared to a whopping $35 billion in 2024.

Geoff Kendrick, who leads digital assets research at UK’s Standard Chartered Bank, mentioned a mix of influences propelling the narrative of Bitcoin as digital gold. He noted that US investors appear to be backing away from domestic assets, which is leading to significant accumulation by larger investors, often referred to as whales. Flows from gold ETFs into Bitcoin ETFs are beginning to take shape, and Kendrick predicted Bitcoin could reach a staggering price of $120,000 per coin in just the next quarter.

Andrew Flanagan is a markets correspondent for DL News. Have a tip? You can reach out via [email protected].