Gold futures topped $4,550 an ounce, nearing a record high, while silver rose above $75 per ounce, marking a notable rally in precious metals. In contrast, the cryptocurrency market has largely weakened, with Bitcoin down roughly 6% year-to-date and Ethereum expected to fall about 12%. Gold bulls, including Peter Schiff, argue that Bitcoin may not rise, while Louis Navellier noted that gold’s strong gains amid crypto weakness could prompt a shift into bullion. Schiff also contended that Bitcoin does not rise when tech stocks do, and it does not rise when gold and silver rise either.
With gold and silver near record highs, the crypto market as a whole could post negative returns by year-end. Bitcoin has struggled to avoid a third consecutive month of declines. Despite a supportive regulatory backdrop and broader Wall Street crypto adoption, Bitcoin has moved in a direction opposite to equities since 2014. Bitcoin, which had traded near $126,000 in October, slipped to just above $87,000 by October 26, a roughly 30% decline.
Fundstrat’s Sean Farrell said the recent Bitcoin moves shouldn’t be surprising, noting that the Santa rally typically appears as investors trim losses and rotate into winning assets. He added that a shift into Bitcoin as part of a long-term allocation could bring more inflows, making a January rebound plausible. Yahoo Finance noted that three consecutive monthly declines in Bitcoin are rare, with only about 15 such occurrences on record. 10X Research also signaled a near-term rebound, citing a 30% price correction and a reset in technical indicators as supportive of a renewed rally.
Wall Street strategists have since downscaled bitcoin price targets, with Standard Chartered trimming its year-end target from $200,000 to $100,000 and Jeff Kendrick cutting his 2026 target from $300,000 to $150,000.
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