Analysts say Bitcoin doesn’t need to wait for a decline in gold and silver to continue its upward trajectory.
“It’s a shockingly unpopular opinion,” James Cech, principal analyst at Glassnode, said after making the remarks on Friday’s X Post, adding that Bitcoiners who think otherwise “don’t understand any of these assets.”
Macroeconomist Lynne Alden echoed similar sentiments, saying in a podcast published on YouTube on Saturday that while “a lot of people are describing it as a competition,” she “is not in that camp.”
At the time of publication, the Bitcoin to gold ratio is 19.29. sauce: long term trend
Alden said the reason the Bitcoin-to-gold ratio has been performing so well lately is because Bitcoin (BTC) has spent the past year in a “stagnation period,” while gold has experienced “an even more phenomenal year.”
Gold and Bitcoin both have “long-term structural stories”
“Both have long-term structural stories behind them,” Alden said.
Gold and silver both hit record highs on Friday, with silver above $77 and gold reaching $4,533, according to data from Trading Economics.
“Expectations for further Fed easing in 2026, a weaker dollar, and rising geopolitical tensions are adding to volatility in a thin market,” Peter Grant, vice president and senior metals strategist at Zenner Metals, told CNBC on Friday.
Meanwhile, Bitcoin has fallen nearly 30% since hitting an all-time high of $125,100 on October 5, and was trading at $87,650 at the time of writing, according to CoinMarketCap.
Bitcoin has fallen 3.79% in the past 30 days. sauce: coin market cap
“The more gold goes up, the more likely BTC will go up,” MN Trading Capital founder Michael Van de Poppe said in an X post on the same day.
Bitcoiners expect this trend to reverse next year
Gold and Bitcoin prices moved fairly close from November 2022 to November 2024, and analysts expected this pattern to continue. However, this year, that correlation has weakened. Gold rose about 60%, while Bitcoin fell 7.2%.
Market sentiment for the two asset classes is very different. On Saturday, the Gold Fear & Greed Index recorded a “Greedy” score of 79, while the Cryptocurrency Fear & Greed Index recorded an “Extreme Fear” score of 24.
Several Bitcoin industry executives expect the downward trend to reverse in 2026.
Related: Bitcoin’s returns over the next 10 years are solid but “not spectacular,” says executive.
Bitwise Chief Investment Officer Matt Hogan said on Friday that Bitcoin “will be up next year.”
Meanwhile, Jan3 founder Samson Mo said that Bitcoin may be about to embark on a “10-year bull market.”
magazine: Bitcoin “never” really reached $100,000, SEC’s crypto “dream team”: Hodler’s Digest, December 21-27
