Bitcoin does not need gold and silver to pull back before it can move higher, according to multiple market commentators.

Glassnode lead analyst James Check wrote on X that bitcoin “doesn’t need gold and silver to slow down,” calling it an unpopular opinion.

Alden rejects the “competition” framing

Macroeconomist Lyn Alden said in a recent podcast that she does not view bitcoin and precious metals as rivals.

Alden said:

“A lot of people phrase it as competition, [but] I’m not in that camp.”

She added that both assets have “long-term structural stories” behind them.

Why the bitcoin-to-gold ratio moved

Alden attributed the recent strength in the bitcoin-to-gold ratio to bitcoin spending the past year in a “stagnant stage” while gold had one of its “more tremendous years.”

At the time of publication, the bitcoin-to-gold ratio was about 19.29.

Metals hit records as bitcoin stays below its peak

Gold and silver hit all-time highs on Friday, with silver passing $77 and gold reaching $4,533, according to Trading Economics.

Bitcoin, meanwhile, was down nearly 30% from its Oct. 5 all-time high of $125,100.

For context on bitcoin’s move from peak levels, see Bitbo’s price drawdown from all-time high chart.

Sentiment also diverged.

Gold’s Fear & Greed Index showed “Greed” at 79, while bitcoin’s Fear & Greed Index printed “Extreme Fear” at 24.

Analysts look to 2026

Bitwise CIO Matt Hougan said “next year will be up” for bitcoin.

Jan3 founder Samson Mow also said bitcoin may be nearing a “decade-long bull run.”