Analysts suggest that Bitcoin’s growth does not depend on a decline in gold and silver prices to maintain its upward momentum.
James Check, the lead analyst at Glassnode, expressed this somewhat unconventional viewpoint in a post on X last Friday. He added that those Bitcoin enthusiasts who believe otherwise likely lack a proper understanding of these assets.
Supporting this perspective, macroeconomist Lyn Alden shared during a YouTube podcast on Saturday that although many view Bitcoin and gold as rivals, she personally disagrees with that notion.
The current Bitcoin-to-gold ratio stands at 19.29. Source: LongTermTrends
Alden explained that the recent strength in the Bitcoin-to-gold ratio is largely due to Bitcoin experiencing a period of stagnation over the past year while gold enjoyed one of its most remarkable years.
Both Gold and Bitcoin Possess Enduring Structural Narratives
“Each asset carries its own long-term structural story,” Alden noted.
This past Friday saw both gold and silver reach record highs—silver surged beyond $77 per ounce, while gold climbed to $4,533 according to Trading Economics data.
Peter Grant, vice president and senior metals strategist at Zaner Metals, told CNBC on Friday that market volatility is being fueled by expectations for additional Federal Reserve easing in 2026, a weakening dollar, and increased geopolitical tensions affecting thin markets.
In contrast, since peaking at an all-time high of $125,100 on October 5th, Bitcoin has dropped nearly 30%, trading around $87,650 as reported by CoinMarketCap at publication time.
Bitcoin’s value has decreased by approximately 3.79% over the last month. Source: CoinMarketCap
Michael van de Poppe from MN Trading Capital commented via X on Friday stating that “as Gold rises higher,” it’s likely “Bitcoin will follow suit.”
The Market Awaits A Reversal In Trend For Next Year
The price movements of gold and Bitcoin were closely aligned between November 2022 through November 2024; analysts had anticipated this correlation would persist. However today’s data shows divergence—gold has appreciated roughly 60%, whereas Bitcoin has declined about 7.2% so far this year.
The sentiment surrounding these two assets also differs sharply: On Saturday morning,the Gold Fear & Greed Index registered “Greed” with a score of 79; meanwhile,the Crypto Fear & Greed Index indicated “Extreme Fear” scoring only 24 points.
A number of executives within the cryptocurrency sector expect this downward trend for bitcoin may reverse come next year (2026).
Related reading: Bitcoin returns expected strong but ‘not spectacular’ over coming decade – Exec insights
Matter-of-factly Matt Hougan—the chief investment officer at Bitwise—predicted last Friday that “next year will be positive” for bitcoin prices moving forward.
Additionally Samson Mow—the founder behind Jan3—noted optimism suggesting bitcoin could soon enter into what might become “a decade-long bull market.”
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