Serracanta was third, 0.41secs behind, followed by Sebastian Hagan (NOR). Freddy Carrick-Smith (GBR) and Nash Huot-Marchand (FRA) with reigning champion Flavio Vitale (FRA) eighth, 1.11 off top spot.
Giuliano Fux was 21st after the first run, 1.75secs adrift, but the Swiss athlete delivered a blistering 1:03.82 on his second outing for a total 2:09.26 to elevate himself into pole position.
A further 17 athletes came and went without dislodging Fux – including defending champion Vitale who DNF – until there were only three skiers to go, starting with Aubert Serracanta.
Despite errors on the upper section, the 20-year-old recovered to post 1:05.11 for a combined 2:09.21 and a 0.05secs lead.
Where some had struggled on the steep upper section, Bakkevig was smooth and solid, his 1:04.99 second run and 2:08.91 total launching him 0.30secs clear at the head of the field.
Husby Haugen faltered on the upper section and was still in trouble through the lower part of the course.
However, he managed to pull things back around the final couple of gates to post 1:05.38 for a total 2:09.07 and the silver medal, 0.16secs shy of Bakkevig.
Fux – who had led for so long – was fourth, locked out of the podium by one place and 0.05secs despite the fastest second run of the entire field.
It was a second medal of Narvik 2026 for Bakkevig following bronze in the Team Combined with Sebastian Espen Bengston.