Bitcoin hits record undervaluation versus gold as BTC/XAU Z-score sinks below minus 2 in 2026

Bitcoin fell to its deepest historical discount against gold on Friday in 2026, as the BTC/XAU Z-score dropped below minus 2 standard deviations. This extreme undervaluation level has previously coincided with major Bitcoin bottoms, including a roughly 150% price rally after a similar signal in late 2022, and has some analysts expecting BTC to strongly outperform gold if past patterns repeat.