Bitcoin, Crypto “Winter” Nearing Its End, Says Bitwise Exec as Gold Reclaims $5K

Feb 3, 2026 | 21:36 GMT | 2 min read
BTCUSD: −5.76%

Bitcoin traded sideways on Tuesday as gold climbed back toward the key $5,000 level, highlighting diverging momentum between crypto and precious metals.

Key Takeaways

  1. Bitcoin remains range-bound while gold and silver recover recent losses.

  2. Analysts are divided on how the Bitcoin–gold relationship will evolve next.

  3. Bitwise CIO believes the current “crypto winter” is closer to ending than many expect.

  4. Bitcoin Struggles Below $80,000

  5. According to TradingView data, Bitcoin failed to retest $80,000, which now acts as strong resistance. Price action showed continued indecision, contrasting with precious metals that actively rebounded.

  6. Gold (XAU/USD) surged to $4,971, gaining over $500 from Monday’s lows.
    Silver also rallied strongly, rising more than 11% on the day after dropping near $71 at January’s monthly close.

  7. Meanwhile, U.S. equities reacted sharply to earnings reports. PayPal shares fell nearly 20% following weaker-than-expected results.

    Bitcoin vs Gold: What’s Next?

  8. Some analysts expect Bitcoin to benefit from gold’s bullish phase, citing historical trends.

  9. “$BTC and $GOLD have historically taken turns leading. Gold has been in control for the past 14 months, which is often when the digital gold narrative takes over,” trader Jelle wrote on X.

  10. Others remain bearish. Analyst Northstar warned that Bitcoin could lose up to 80% of its value against gold over time.

  11. “This is the first cycle where Bitcoin failed to make significant new highs versus gold. Capital rotation could make things worse,” they noted.

    Bitwise CIO: Crypto Spring Is “Closer Than You Think”

  12. Bitwise CIO Matt Hougan struck a more optimistic tone, suggesting the worst of the downturn may already be behind us.

  13. “Here’s the good news: We’re closer than you think,” Hougan wrote on X.

  14. He argued that the current downtrend effectively began in early 2025, and that the launch of U.S. spot Bitcoin ETFs made much of last year feel deceptively bullish.

  15. “As someone who has lived through multiple crypto winters, this phase feels familiar—despair, frustration, and fatigue. But nothing about this pullback has damaged crypto’s fundamentals,” Hougan said.
    “I believe we’ll rebound sooner rather than later. It’s been winter since January 2025—spring is coming.”