I think the value of gold is not really rise or fall, it is fiat price that fluctuates and tend to fall. I don't consider gold as investment but just a safe saving.
For me gold is a store of wealth, the value of bitcoin increases day by day but there is always a risk involved. So I don't put all my assets in bitcoins, I allocate them.
I think the price of bitcoin rise is not because of it competting with gold, but it is because bitcoin competting with weak currency that have high inflation rate. People start to doubt about fiat money and looking for an alternative currency such as bitcoin.
People are slowly realizing government manipulation through fiat and bitcoin is clearly the perfect alternative to fiat. Bitcoin is getting a lot of attention from the outside community. With limited supply and transparent, decentralized what people are looking for that fiat doesn't have. This causes the value of bitcoin to increase.