Glassnode lead analyst James Check says Bitcoin can continue its momentum without a pullback in gold or silver. In a Sunday X post, he noted that gold and silver do not need to slow down for Bitcoin to perform well, and added that those who think otherwise may not fully understand these assets.
Recent analysis suggests that Bitcoin’s value relative to gold could decline by as much as 50%. BTC currently trades at around 20 times the value of gold. However, Senior Commodity Strategist at Bloomberg Intelligence, Mike McGlone, believes it’s more probable for it to fall to 10 times the value of gold than rise to 30 times by 2026. He believes the token’s value compared to gold might be cut in half, even if its price in USD appears steady.
Lyn Alden does not see Bitcoin and gold as market competitors
Similar to James Check’s perspective, Macro strategist Lyn Alden said on a podcast that while many pit BTC against gold, she doesn’t share that view. She pointed out that the Bitcoin-to-gold ratio has surged recently because BTC saw a relatively flat performance, while gold has had one of its best years.
She insisted that both assets have strong long-term foundations, driving their value, and hinted that the two will continue to thrive. McGlone, however, has issued a warning indicating a lower Bitcoin-to-gold ratio at the end of 2025, a trend often linked to an economic downturn. He expects Bitcoin to drop to as low as $50,000 in 2026, a prediction also shared by veteran trader Peter Brandt. But Brandt earlier predicted that the token may fall to $60,000 by the third quarter of 2026
According to Trading Economics, on Friday, gold climbed to $4,533 and silver surpassed $77, hitting new all-time highs. However, BTC has declined by almost 30% from its all-time high of $125,100 on October 5, with its price currently at $87,613.
Nonetheless, on Friday, Michael van de Poppe, founder of MN Trading Capital, said he expects BTC to rise in tandem with gold. Peter Grant, VP and senior metals strategist at Zaner Metals, also told reporters that the current market volatility in thin markets is being fueled by concerns over a potential Fed easing in 2026, the weakening of the dollar, and geopolitical uncertainty.
Some bitcoiners believe BTC will post steady gains for the next decade
From late 2022 through late 2024, the prices of gold and Bitcoin moved similarly, leading analysts to expect the trend to continue. So far this year, the correlation has waned, with gold rising 60% and BTC falling 7.2%. Moreover, the two markets are seeing very different sentiments. Saturday’s readings: Gold Fear & Greed Index was at 79 (“Greed”) while Crypto Fear & Greed Index was at 24 (“Extreme Fear”).
Still, several BTC executives are optimistic that prices will recover in 2026. For instance, Matt Hougan, Chief Investment Officer at Bitwise, stated on Friday that Bitcoin is expected to improve significantly next year and potentially achieve more stable returns over the next decade. Similarly, Jan3’s Samson Mow also thinks a ten-year bull run may be underway.
Sebastian Beau, chief investment officer at ReserveOne, also noted that the fate of Bitcoin’s four-year cycle is still uncertain. He described the sharp decline from October’s $125,000 high to roughly $87,000 as particularly painful. However, investors remain divided on whether the cycle is over, as Bitcoin’s October peak aligns with the peaks of the previous four-year cycles, suggesting that 2026 could be weaker.
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