No! What's happening in the market currently is capital rotation. If you could observed carefully, money flows into BTC first and after when price surged to $124k, there was a sell off in BTC, whales and institutions moving their gains or profits into buying gold 🥇 obviously less costlier than BTC in terms of price ( not MC) by this, millions of dollars where liquidated from BTC spot ETF, and direct futures exposure, moving the funds in to purchasing gold 🪙. That's why you will observe that when gold surges, BTC will decline in price showing a clear evidence of capital rotation.

Now when a specific price level is achieved on gold, profits generated here will be moved into bitcoin market to further push prices higher.