Bitcoin does not need gold or silver to cool off before continuing its upward momentum, according to several market analysts. Despite recent price weakness in Bitcoin and record highs in precious metals, experts argue the two asset classes are not direct competitors and can perform well independently.
Glassnode lead analyst James Check recently shared an “unpopular opinion,” stating that Bitcoin does not rely on gold or silver pulling back in order to move higher. He suggested that investors who believe otherwise misunderstand how these assets function within the broader macroeconomic system.
Macro strategist Lyn Alden echoed this view, explaining that Bitcoin and gold are often framed as rivals when they actually serve different roles. According to Alden, both assets have strong long-term fundamentals and structural narratives that can coexist rather than conflict.
Bitcoin-to-Gold Ratio Explains Recent Divergence
The Bitcoin-to-gold ratio has strengthened recently, largely because Bitcoin spent much of the past year in what Alden described as a “stagnant stage,” while gold experienced one of its strongest years on record. This divergence helped gold outperform while Bitcoin consolidated.
Gold and silver both reached new all-time highs, supported by expectations of future Federal Reserve easing, a weaker U.S. dollar, and rising geopolitical tensions. Analysts from the metals market note that thin liquidity has also contributed to heightened volatility and sharp price moves.
Meanwhile, Bitcoin has pulled back nearly 30% from its October all-time high. Despite this decline, analysts argue the correction does not undermine Bitcoin’s long-term outlook, especially given its historical pattern of consolidation before major rallies.
Analysts Remain Bullish on Bitcoin’s Long-Term Outlook
Some market participants believe gold’s strength could eventually benefit Bitcoin. MN Trading Capital founder Michael van de Poppe noted that historically, Bitcoin often follows gold’s upward momentum with a lag.
From late 2022 through late 2024, Bitcoin and gold prices moved closely together, reinforcing the idea of correlation between the two. However, that relationship has weakened this year, with gold up roughly 60% while Bitcoin remains modestly lower year-to-date.
Market sentiment highlights this divergence. Gold currently sits firmly in “Greed” territory, while crypto markets reflect “Extreme Fear.” Despite this imbalance, prominent industry voices remain optimistic. Bitwise CIO Matt Hougan believes Bitcoin will trend higher next year, while Jan3 founder Samson Mow suggests the asset could be on the verge of a decade-long bull market.
Overall, analysts agree that Bitcoin does not need gold or silver to slow down in order to succeed. Instead, each asset follows its own cycle—one that may ultimately support, rather than hinder, Bitcoin’s long-term growth.
