Bitcoin does not need gold or silver prices to retreat in order to resume an upward trend, according to several market analysts who reject the idea that the assets are in direct competition.
Glassnode lead analyst James Check described the belief that Bitcoin must wait for precious metals to cool off as fundamentally misguided.
“Surprisingly unpopular opinion,” Check said in an X post, adding that Bitcoiners who think otherwise “don’t understand any of these assets.”
Macro strategist Lyn Alden echoed that view during a recent podcast appearance, pushing back against narratives that frame Bitcoin and gold as rivals.
“While a lot of people phrase it as competition, I’m not in that camp,” Alden said.
Diverging paths explain recent performance gap
Alden attributed Bitcoin’s recent underperformance relative to gold to differences in their recent market cycles rather than any structural weakness.
She said the Bitcoin-to-gold ratio strengthened earlier because Bitcoin spent much of the past year in a “stagnant stage,” while gold enjoyed one of its strongest periods in decades.
“Both of them have long-term structural stories behind them,” Alden said.
Gold and silver both reached fresh all-time highs on Friday, with silver surpassing $77 and gold climbing to $4,533 amid thin holiday trading conditions.
Peter Grant, vice president and senior metals strategist at Zaner Metals, said expectations of looser monetary policy and geopolitical risks were amplifying moves.
“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets,” Grant said.
Bitcoin sentiment lags despite long-term optimism
Bitcoin, meanwhile, remains well below its October peak, having fallen nearly 30% from its all-time high of $125,100.
At the time of reporting, the asset was trading around $87,650, reflecting ongoing caution among traders.
Market sentiment indicators show a stark contrast between the two asset classes.
Gold’s Fear & Greed Index recently registered a “Greed” reading of 79, while the Crypto Fear & Greed Index sat at 24, signaling “Extreme Fear.”
Despite the pessimism, several industry figures believe the current divergence will not last.
MN Trading Capital founder Michael van de Poppe said, “the higher Gold goes, the higher BTC likely will follow through.”
Looking further ahead, Bitwise chief investment officer Matt Hougan said, “next year will be up” for Bitcoin.
Jan3 founder Samson Mow has also suggested Bitcoin could be on the verge of a “decade-long bull run,” reinforcing expectations that sentiment may reverse in 2026.
