The most important factor affecting the price of gold is real interest rate.
If real interest rate is more than +2% , then easy money just leaves gold and goes safe harbor "interest". If real interest rate is low than 2% then easy money stays in gold. Whenever FED makes an explanation about the rate of interest it directly affects the price of it.
So , I dont believe gold will increase sooner. Since there is no new quantitative easing and there is tendency of interest rate increase , there is high possibility of decline in prices.
On the other hand, bitcoin has different price dynamics according to gold. To replace the position of gold as a safe harbor , bitcoin (services) should be more user friendly, easy and massly adopted.
Why would investors prefer investment in a interest bearing paper currency at just 2% interest that also could potentially default depending on what countrys currency it is is, when gold has a way higher avg historical gain verses the fiat currencys.
If we look more recent in history then during 2000-2015 for example gold has increased 118.6% verses the CHF, 148.9% vs AUD, 165.9% vs EUR, 168.0% vs USD and 180.6% vs GBP.
If someone had got a 2% yearly fiat interest they would in 14.5 years just have got 33.2% interest so 2% can hardly be the correct equilibrium point to move values between gold<->fiat even if somone would counted on a 0% default rate for a country.