As gold and the NASDAQ continue to climb, Bitcoin has fallen behind, fueling debate over whether the world’s first digital currency is losing its shine or simply preparing for its next leap.
The benchmark cryptocurrency now trades around $107,000, reflecting mild weakness after a volatile few weeks. Its market cap remains above $2 trillion, yet traders have grown uneasy as price action lags behind the surging performance of traditional assets.
Skeptics vs. Believers
Veteran gold supporter Peter Schiff seized the moment to renew his long-standing criticism, insisting that Bitcoin’s worth is sustained only by speculative enthusiasm. He argues that its rally phases depend on constant buying pressure rather than tangible value – a sharp contrast to gold’s perceived stability.
Bitcoin advocates reject that view entirely. To them, the network’s fixed 21-million supply cap and decentralized infrastructure make it an increasingly vital alternative to government-backed currencies. The current softness, they say, is not a sign of weakness but rather a reset period before the next major breakout.
Bitcoin is back below its high from January 2025. In contrast, the NASDAQ and gold are 18% and 42% above their respective January highs. Given all the Bitcoin hype since Trump’s inauguration, why has Bitcoin made no progress despite the rise in both risk-on and risk-off assets?
— Peter Schiff (@PeterSchiff) November 3, 2025
Volatility Near Multi-Year Lows
Market analysts have noted an unusual calm surrounding Bitcoin in recent months. Crypto Rover highlighted that the coin’s 180-day volatility index has dropped to levels not seen in over a decade – comparable to the quiet stretches that preceded major bull runs in 2015, 2019, and 2020.
Periods of extreme stillness often act as a coiled spring for Bitcoin. As derivatives activity dries up and liquidity tightens, it suggests traders are holding back, waiting for a directional spark. Historically, such low-volatility phases have tended to end with powerful, one-sided moves.
The Cycle Perspective
According to Crypto Dubzy, Bitcoin is still following its historic four-year rhythm, where significant peaks have appeared roughly every 48 months. If that pattern persists, the current pullback could simply mirror earlier mid-cycle corrections, such as those that occurred just before previous all-time highs.
Dubzy believes this cycle still points toward a macro top sometime in 2025, followed by a long cooling-off period — a familiar rhythm for long-term holders who view Bitcoin’s corrections as part of its natural growth curve rather than a breakdown.
Between Doubt and Anticipation
For now, the crypto market sits at a crossroads. Skeptics argue the momentum has evaporated, while optimists see the lull as a prelude to a major shift. With volatility at historic lows and sentiment finely balanced, Bitcoin’s next breakout — in either direction — could define the trajectory of digital assets heading into 2026.