Benjamin Cowen says bitcoin rotation from gold and silver unlikely in short term

Crypto analyst Benjamin Cowen said in a video on Thursday that Bitcoin’s price downtrend may not be short-lived and that strong expectations of a “massive rotation” from metals like gold and silver into crypto may be misplaced. Cowen said “Bitcoin’s likely going to keep bleeding against the stock market,” and emphasized the rotation to Bitcoin is “probably not going to happen” in the short term.

Gold and silver have recently surged to all-time highs of $5,608.33 and $121.64, respectively, according to Trading Economics. Citi predicted silver could climb to $150 within the next three months, driven by Chinese demand and the US dollar hitting four-year lows. Bitcoin is down 6.12% over the past 30 days and was trading at $82,859 at the time of publication, down 7.78% over the past seven days, according to CoinMarketCap.

The Crypto Fear & Greed Index posted an “extreme fear” score of 16, indicating cautious investor sentiment across the crypto market. Other analysts are more optimistic. Swyftx lead analyst Pav Hundal said, “We're right on the cusp of where we'd traditionally expect to see re-risking back into Bitcoin.” Hundal said Bitcoin bottoms have historically lagged gold’s relative strength by about 14 months and he anticipates a rotation in February or March, adding that a potential BTC bottom could form over the next 40 days if history repeats.

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