Bitcoin doesn’t need to wait for a pullback in gold and silver to continue its upward trajectory, according to analysts.
“Surprisingly unpopular opinion,” Glassnode lead analyst James Check said after making the statement in an X post on Friday, adding that Bitcoiners who think otherwise “don’t understand any of these assets.”
Echoing a similar sentiment, macroeconomist Lyn Alden said in a podcast published to YouTube on Saturday, that while “a lot of people phrase it as competition,” she is “not in that camp.”
Alden said the Bitcoin-to-gold ratio has performed so strongly recently because Bitcoin (BTC) spent the past year in a “stagnant stage,” while gold experienced one of its “more tremendous years.”
Gold and Bitcoin both have “long-term structural stories”
“Both of them have long-term structural stories behind them,” Alden said.
Gold and silver both reached all-time highs on Friday, with silver passing $77 and gold reaching $4,533, according to Trading Economics data.
Peter Grant, vice president and senior metals strategist at Zaner Metals told CNBC on Friday that “expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets.”
Meanwhile, Bitcoin has fallen nearly 30% since hitting its all-time high of $125,100 on Oct. 5, trading at $87,650 at the time of publication, according to CoinMarketCap.
MN Trading Capital founder Michael van de Poppe said in an X post on the same day that, “the higher Gold goes, the higher BTC likely will follow through.”
Bitcoiners are anticipating the trend to reverse next year
The price of gold and Bitcoin moved fairly closely together between November 2022 and November 2024, and analysts expected that pattern to keep going. However, this year, the correlation has weakened. Gold is up about 60%, while Bitcoin is down 7.2%.
Market sentiment for the two asset classes is vastly different. On Saturday, the Gold Fear & Greed Index posted a “Greed” score of 79, while the Crypto Fear & Greed Index registered “Extreme Fear” at 24.
Several Bitcoin industry executives are anticipating the downtrend to reverse in 2026.
Bitwise chief investment officer Matt Hougan said on Friday that “next year will be up” for Bitcoin.
Meanwhile, Jan3 founder Samson Mow said that Bitcoin may be about to embark on a “decade-long bull run.”
