Bitcoin Slumps, Gold Near $5,000: Is the Crypto Winter Almost Over?

Jakarta, Pintu News – Bitcoin (BTC) is flat again at around US$65,040 or approximately Rp1.09 billion (exchange rate US$1 = Rp16,766) as gold approaches the key level of US$5,000 per troy ounce, around Rp83.83 million. This contrasting performance has reignited the debate about Bitcoin’s position as “digital gold” amid global market turmoil.

While gold and silver are trying to recoup the heavy losses of the past few days, the crypto market seems hesitant to continue its rally. However, according to Bitwise executives, the current condition marks the final phase of the latest “crypto winter” in the cryptocurrency market.

Bitcoin Sideways, Gold and Silver Lead the Rebound

In recent trading, Bitcoin (BTC) failed to break back through the US$80,000 resistance area or around Rp1.34 billion and instead moved sideways below that level. The intraday price structure shows uncertainty, with a narrow range and lack of convincing buying impetus.

This movement is in stark contrast to precious metals which have been more aggressive in recovering their losses. In the eyes of many market participants, BTC has temporarily lost the momentum of the “safe haven” narrative that once rallied in previous cycles.

Gold (XAU) briefly bounced up to around US$4,971 per troy ounce, equivalent to approximately IDR83.34 million, up more than US$500 from the local low at the start of the week. Silver even recorded a daily surge of over 11% after falling to close to US$71 or around Rp1.19 million.

The rapid rebound of the two precious metals emphasizes that hedging interests are still currently skewed towards traditional assets. For some analysts, this pattern opens up the possibility that institutional investors are temporarily rotating funds from crypto to gold and silver amid macro uncertainty.

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Hot Debate: Digital Gold Narrative Still Relevant?

Some traders highlight that historically, gold and Bitcoin (BTC) have tended to “alternate” leading rallies. In the last 14 months or so, gold has been the main actor, so there is hope that the “digital gold” narrative will again take over if the cycle shifts.

This view assumes that after the precious metal’s strengthening phase, speculative capital will return to seek higher yields in crypto assets. If the pattern repeats, BTC’s current sideways phase could be read as a transition period, not the beginning of a new downtrend.

However, many analysts are pessimistic about Bitcoin’s relative performance to gold. They highlight that this is the first cycle where Bitcoin has not made a significant new peak compared to gold.

Some extreme projections even foresee a decline in the value of BTC against gold of up to 80% in a given timeframe, citing capital rotation and institutional portfolio adjustments. This sharp divergence of views makes the Bitcoin-gold relationship one of the central topics among macro analysts and cryptocurrency market participants.

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Bitwise: End of Crypto Winter Closer than Expected

Amidst the mixed sentiment, Matt Hougan, Chief Investment Officer of Bitwise, expressed a more optimistic view. He thinks the ongoing “crypto winter” has actually started since January 2025, although the spot Bitcoin ETF rally makes 2025 look like a bull run on the surface.

According to him, the current market atmosphere – characterized by despair, fatigue, and apathy – is similar to the late-winter phases of previous cycles. He emphasized that nothing has fundamentally changed in crypto assets, despite the short-term price pressure.

Hougan predicts that the market is likely to “bounce back strongly” faster than consensus expectations. From his point of view, the long correction period has lasted long enough, so the probability of entering the crypto “spring” increases. For investors holding exposure to assets like Bitcoin (BTC), Ethereum (ETH), as well as altcoins like Ripple (XRP) and Pepe Coin (PEPE), the implicit message is that the most difficult phase may be nearing its end.

However, given the macro uncertainty and ongoing cross-asset rotation, caution and risk management remain key in addressing the current cryptocurrency market dynamics.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities are subject to high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Cointelegraph. Bitcoin, crypto ‘winter’ soon over, says Bitwise exec as gold retargets $5K. Accessed February 6, 2026
• Featured Image: Generated by AI