Bitcoin Massive Rotation Is On The Rocks: Benjamin Cowen

Many in the crypto market are betting that gold and silver hitting new all-time highs is a signal that history will repeat and Bitcoin will eventually follow.

Bitcoin is trading at $82,859 at the time of publication, down 7.78% over the past seven days, according to CoinMarketCap.

It comes as sentiment across the broader crypto market has been waning. The Crypto Fear & Greed Index, which measures overall crypto market sentiment, posted an “extreme fear” score of 16, indicating that investors are significantly cautious about the crypto market.

Other analysts are more optimistic

Swyftx lead analyst Pav Hundal told Cointelegraph that the market may be near a turning point, saying, “We‘re right on the cusp of where we’d traditionally expect to see re-risking back into Bitcoin.”

“Bitcoin bottoms have historically lagged golds relative strength by about 14 months,” Hundal explained, adding that he anticipates the rotation will happen in February or March.

“If history repeats, and it is a big if, the gold-Bitcoin dynamic points to a potential BTC bottom forming over the next 40 days,” Hundal said.

Hundal emphasized that gold typically leads during periods of macro stress, and then Bitcoin follows once risk appetite returns.

“If that model isnt broken, the tape should start to look less fragile by the end of the quarter,” he said.

Meanwhile, Bitwise Europe head of research, Andre Dragosch, said in an X post on Jan. 19 that Bitcoin “is trading at a steep discount to Gold on a relative basis.”

“These asymmetric setups are very rare,” he said, adding that “if flows turn, Q1 2026 could be the inflection point.”