Market veteran Benjamin Cowen argues that Bitcoin typically does not receive capital turnover from gold, as it falls whenever gold struggles.
Cryptocurrency markets have seen Bitcoin ($BTC) will lose in the end The all-important $70,000 psychological level After reaching $76,000 earlier this week.
Interestingly, the ongoing decline that Bitcoin is experiencing is paralleling the price collapse that the world’s largest asset, gold (XAU), is undergoing. This adds weight to Benjamin Cowen’s long-held belief that capital turnover will not flow from gold to Bitcoin.
Important points
- Bitcoin has faced recent roadblocks to its recovery, falling 8.78% from its peak of $76,000 earlier this week, and has recently fallen below $70,000.
- The recent Bitcoin correction occurred during be Turmoil in the gold market as well as precious metals crash 8.54% this week alone.
- cowen believes Bitcoin’s drop in line Gold market struggles I will confirm His theory is that capital will not rotate from metals to Bitcoin.
- The market veteran’s proposal goes against the belief among Bitcoin enthusiasts that: $BTC It could eventually rise after capital circulates out of precious metals.
- Despite Bitcoin’s struggles, the crypto bellwether is starting to gain momentum against gold after six straight weeks of declines.
Bitcoin hits roadblock in recent rally
Cowen is CEO of Into The Cryptoverse. discussed This comes amid Bitcoin’s recent decline. For context, Bitcoin planned its latest recovery campaign after initially collapsing following the escalation of the conflict between Israel and Iran on February 28th.
After falling to $63,000, $BTC It rebounded almost immediately and maintained an uptrend until it hit the first hurdle at $74,000, but corrected mildly and then resumed its rise. After reaching $76,000 on March 17th, Bitcoin is currently trading below $70,000, correcting 8.54% from this peak.
Bitcoin 1D chart
Bitcoin rebound coincides with gold crash
Benjamin Cowen pointed out that the recent decline in Bitcoin appears to be occurring in parallel with similar turmoil in the gold market. Citing this phenomenon, he reiterated his long-term belief that Bitcoin will not rotate capital away from gold at this time.
For context, as Bitcoin fell below $70,000, gold extended the decline it had begun. behind war between israel and iran, break charm as safety A shelter for now.
Specifically, gold has recorded a second consecutive week of declines and is on track to record a third week of declines for the first time since last November. During this period, gold folded 12.5%, mentally defeated important Currently trading at $5,000 level for $4,616 per ounce.
“No rotation”
Crypto enthusiasts believe the following about the gold correction: capital can be made rotate Supporting Bitcoin price fluctuations, from precious metals to Bitcoinbut it is Things didn’t turn out as expected. Amid this event, Cowen called for caution with a proposal he made in late January.
Notably, precious metals such as gold and silver recorded impressive gains at the time, with gold reaching an all-time high of $5,597 on January 29, and silver reaching an all-time high of $121 on the same day. Typically, after the metal registers such a rally and then pulls back, funds often circulate back into Bitcoin, giving momentum to the crypto market.
Bitcoin investors had expected this phenomenon to occur when gold and silver corrected, but Cowen argued that it may not happen this time. He pointed out at the time that this was similar to how capital rotated from Bitcoin to altcoins last year and the global economy failed to take off. altcoin seasoncapital also does not rotate from metals to Bitcoin.
There was no rotation from $BTC To ALT.
It’s like there is no rotation from metals to cryptocurrencies.
I don’t make the rules.
— Benjamin Cowen (@intocryptoverse) January 28, 2026
The proposal faced backlash from market enthusiasts. turns out to be wrong. Interestingly, the next day, when gold fell by 4%; $BTC also fell 4%, which Cowen highlighted. Gold is currently struggling, and Bitcoin has joined the turmoil, prompting new reactions from market veterans.
Bitcoin gains ground against gold
However, despite Bitcoin’s recent decline, market data confirms that Bitcoin is indeed continuing to gain momentum against gold. From January to February 2026, Bitcoin fell against gold for six consecutive weeks, but the trend reversed and it recorded two consecutive weeks of gains.
Bitcoin gains ground against gold
Up 4.32% against gold this week. Bitcoin Gold has now rebounded from 12 ounces of gold earlier this month to 15 ounces at the time of writing, and is on track to record its third consecutive bullish weekly closing price. but, $BTC/XAU still faces potential resistance in the middle class; higher bollinger bands stationed At 18 and 26, prices are still far below them.
