Billy Markus, the creator of Dogecoin (DOGE) who goes by Shibetoshi Nakamoto on X, humorously commented on the recent downturn in the cryptocurrency market. Through a meme posted on his profile, Markus highlighted how investor sentiment appears to be shifting away from Bitcoin and moving toward more traditional safe-haven investments.
The Challenge to Bitcoin’s “Digital Gold” Reputation
Markus pointed out that in 2026, momentum seems to have swung away from Bitcoin and other cryptocurrencies. He suggested that investors are increasingly favoring conventional assets such as gold over riskier digital currencies.
Known for his witty and often ironic remarks about crypto—even though he founded Dogecoin—Markus poked fun at this change in investor preferences. His commentary subtly questions the long-held belief that Bitcoin serves as an ideal hedge against inflation and a reliable store of value.
This recent jab implies that Bitcoin’s status as “digital gold” might be under threat due to its ongoing lackluster performance amid current market conditions.
the market in 2026 pic.twitter.com/gNzETi1AHV
— Shibetoshi Nakamoto (@BillyM2k) January 29, 2026
Over the past month, Bitcoin has struggled to surpass the $98,000 resistance mark and remains below $100,000. Since peaking at an all-time high of $126,000 back in October 2025, it has failed to regain upward momentum.
At present writing, Bitcoin is trading around $87,832.51—a decline of approximately 2.49% within a day—which extends its weekly losses to roughly 2.37%. This downturn reflects growing investor preference for gold and other traditional safe havens instead of cryptocurrencies.
The trading volume for Bitcoin also dropped by nearly 3.95%, settling at about $41.1 billion during this period. Its Relative Strength Index (RSI) stands at approximately 45.56 indicating bearish trends without reaching oversold territory; hence further declines could be possible.
Increasing Bearish Indicators Amid Rising Liquidations
The fall below the critical $90,000 price point triggered significant liquidations among traders holding leveraged positions—amounting to around $347 million lost—as resistance stalled any price recovery attempts.
According to data from CryptoQuant analytics platform, additional bearish signs are emerging: notably an increasing percentage of Bitcoins held at a loss suggests potential entry into a distribution phase where selling pressure dominates buying interest.
Despite these negative signals surrounding short-term price action, Samson Mow, CEO of JAN3 and longtime proponent of BTC, says expectations remain bullish with predictions claiming “faces will melt when BTC hits $200K.”
The coming days will reveal whether bitcoin can overcome these challenges or if downward pressure will persist across crypto markets globally.