Bitcoin remains under pressure after several weeks of declines, and analyst Benjamin Cowen says the weakness may last longer than many traders expect. In a recent video, he argued that Bitcoin could keep struggling, especially in relation to the broader stock market. He also warned that the widely discussed shift of capital from traditional safe-haven assets such as gold and silver into crypto may not happen quickly.
Gold and silver rally, but Bitcoin is not following yet
Cowen pointed to the sharp rise in precious metals, with gold and silver recently reaching new highs of $5,608.33 and $121.64. Even so, he said there is no clear reason to assume Bitcoin will immediately move in the same direction. His view is that historical patterns do not show a rapid short-term rotation from metals into cryptocurrencies, even when enthusiasm for that narrative grows.
At publication, Bitcoin was trading at $82,859. The asset has fallen 6.12% over the past 30 days and 7.78% in the last week. Sentiment across the crypto market has also weakened. The Crypto Fear & Greed Index recently printed 16, a level classified as “extreme fear,” showing that confidence around Bitcoin remains fragile at current prices.
Cautious outlook meets calls for a turning point
Not every analyst shares Cowen’s stance. Pav Hundal, lead analyst at Swyftx, said Bitcoin may be getting close to a turning point. He noted that during periods of macroeconomic stress, Bitcoin has at times tracked gold’s price behavior, and he believes the asset could recover once risk appetite returns. Hundal said that shift could begin as early as February or March, adding that a bottom may form within the next 40 days.
Andre Dragosch of Bitwise Europe offered a valuation-based argument. He said Bitcoin is trading at a meaningful discount relative to gold and suggested that, if market conditions change, Q1 2026 could become an important inflection point for the asset.
Market focus stays on sentiment and capital rotation
For now, Bitcoin’s short-term picture remains contested. One camp expects the downtrend to drag on, while another is watching for a delayed rebound tied to improving risk appetite and a possible rotation out of metals. The next few months are likely to show whether Bitcoin starts to mirror gold’s strength or continues to lag behind.