Bitcoin Doesn’t Rely on Gold and Silver to ‘Decelerate’

According to analysts, Bitcoin does not need to wait for a pullback in gold and silver to keep rising.

“This might be an unexpectedly unpopular opinion,” said Glassnode lead analyst James Check in an X post on Friday, adding that Bitcoin enthusiasts who believe differently “lack an understanding of these assets.”

Similarly, macroeconomist Lyn Alden noted in a podcast released on YouTube Saturday that while many see it as competition, she does “not share that view.”

Alden pointed out that the Bitcoin-to-gold ratio has shown strong performance recently because Bitcoin (BTC) spent the last year in a “stagnant phase,” while gold has had one of its “most impressive years.”

Gold and Bitcoin both possess “long-term structural stories”

“Both have long-term structural narratives,” said Alden.

On Friday, gold and silver both reached all-time highs, with silver exceeding $77 and gold soaring to $4,533, as per Trading Economics data.

Peter Grant, vice president and senior metals strategist at Zaner Metals, told CNBC on Friday that “expectations for more Fed easing in 2026, a weak dollar, and heightened geopolitical tensions are creating volatility in thin markets.”

On the other hand, Bitcoin has dropped nearly 30% since reaching its all-time high of $125,100 on October 5, trading at $87,650 at the time of this report, according to CoinMarketCap.

Michael van de Poppe, founder of MN Trading Capital, suggested in an X post on the same day that, “as gold rises, expectations are that BTC will likely follow.”

Bitcoiners are hopeful for a reversal next year

Between November 2022 and November 2024, the prices of gold and Bitcoin moved in sync, and analysts expected that trend to continue. However, this year, the correlation has weakened, with gold up about 60% and Bitcoin down 7.2%.