2026-3-20 14:30 |
For six straight weeks, Bitcoin was losing the battle against gold. That streak has now reversed — and it has held for two weeks running, with Bitcoin up more than 4% against the precious metal this week alone.
A Parallel Decline Reshapes The DebateThe timing of that rebound is striking, given that both assets are deep in correction territory right now. Bitcoin dropped from a weekly high of $76,000 to below $70,000, a slide of roughly 8.7%.
Gold fared no better, shedding 8.5% in the same period, pushing the price down to around $4,616 per ounce — well below the psychologically watched $5,000 mark. Gold has now posted two straight weeks of losses and is on pace for a third, its worst such run since last November.
The back-to-back selloffs have reignited a long-running argument in crypto circles: when gold falls, does the money eventually find its way into Bitcoin?
Benjamin Cowen, CEO of Into The Cryptoverse, says no. He has held that view since at least late January, when gold was still riding high and crypto bulls were counting on a rotation trade. He didn’t buy it then. He still doesn’t.
Cowen’s Case, And What It’s Based OnCowen’s reasoning draws on something that already played out inside the crypto market. When Bitcoin ran up in prior cycles, many traders expected capital to eventually shift from BTC into smaller altcoins, sparking what the market calls “altcoin season.”
According to Cowen, that rotation never really materialized in any meaningful way. He sees the gold-to-Bitcoin narrative following the same pattern.
Back on January 28, as gold was trading near its all-time high of $5,597 — a level it hit on January 29 — Cowen posted publicly that no rotation from metals to crypto should be expected.
One day after that post, gold dropped 4% and Bitcoin fell by the same amount, almost to the dollar. That co-movement drew attention at the time. The events of this week have brought the argument back to the surface.
Not everyone agrees with him. A section of the market has long argued that precious metals and crypto serve different investor profiles, and that a pullback in one naturally redirects money toward the other. So far this cycle, that has not played out in the data.
The BTC/Gold Ratio Tells A Different StoryWhat complicates the “no rotation” argument is the BTC/gold ratio itself. Even as both assets fall in dollar terms, Bitcoin has been recovering ground relative to gold after bottoming near 12 ounces of gold per BTC earlier this month.
It has since climbed back to around 15 ounces. That figure still sits well below the middle Bollinger Band at 18 and far below the upper band at 26, but the direction has shifted.
Featured image from Unsplash, chart from TradingView
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