Analyst Explains Why Bitcoin Price Is Not Rallying Alongside Gold And The Stock Market

Markets 2025-11-04 10:28

Crypto analyst Matthew Hylan has commented on the Bitcoin price action as it continues to lag behind gold and the stock market. This comes as BTC suffers another downtrend despite recent bullish macro factors. 

Why The Bitcoin Price Is Lagging Behind Gold and The Stock Market

In an X post, the analyst noted that the Bitcoin price has historically lagged behind gold and the stock market, suggesting there was no reason to be concerned about the current price action. The analyst alluded to the last market cycle, when a similar occurrence occurred, but BTC eventually rallied higher then. 

This was in the summer of 2020, when the stock market had recovered from the COVID crash while gold surged past $2,000 on inflation concerns. Meanwhile, the Bitcoin price ranged between $9,000 and $12,000, which was below its peak in the 2017 market cycle. However, that period marked the final accumulation phase, as BTC went on to hit $20,000 by year-end 2020, kicking off a bull run for the flagship crypto that eventually rallied to $64,000 by 2021. 

Matthew Hylan indicated that this macro moment could again play out for the Bitcoin price even as it lags behind gold and the stock market. Gold has reached new highs last month amid the ‘debasement trade’ while the S&P 500 has continued to hit new highs with the AI boom. BTC, on the other hand, has been on a downtrend since hitting a new all-time high above $126,000 in early October. 

It is worth noting that the Bitcoin price has suffered its most recent downtrend despite bullish macro factors, such as the trade agreement between the U.S. and China. The Fed also recently cut rates by 25 basis points (bps). Fed Chair Jerome Powell also signalled that the U.S. central bank will end quantitative tightening by December, which could inject more liquidity into risk assets like BTC. 

BTC Might Not Be Done Yet

Crypto analyst Ali Martinez predicted that the Bitcoin price could still reach a new ATH. He highlighted a pattern that he noted could indeed be a broadening top. The analyst added that BTC could first hit a new ATH, followed by a “brutal reversal” if the pattern plays out. His accompanying chart showed that Bitcoin could rally to almost $130,000 based on the broadening top. 

Analyst Explains Why Bitcoin Price Is Not Rallying Alongside Gold And The Stock Market

Meanwhile, CryptoQuant founder Ki Young Ju stated that the Bitcoin market is fine only if the 4-year cycle theory is wrong. Based on the cycle theory, the Bitcoin price is expected to top around this period. However, experts like Bitwise CIO Matt Hougan have asserted that the 4-year cycle is done and that the bull run could extend till next year. 

Related Reading: Bitcoin Price To Recover? Here Are Some Developments You Should Be Aware Of

At the time of writing, the Bitcoin price is trading at around $107,800, down over 2% in the last 24 hours, according to data from CoinMarketCap.

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This content is for informational purposes only and does not constitute investment advice.

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