Overview
- Bitcoin trades near $88,000 after a brief push above $90,000, sitting roughly 30% below its October all-time high around $125,000–$126,000.
- Precious metals have led markets in the fourth quarter, with gold near records and silver sharply higher as investors favor established monetary hedges.
- Market commentators highlight the 2020 playbook in which gold and silver peaked before capital rotated into Bitcoin, igniting a major crypto advance.
- The current divergence is attributed to sequencing after an October 10 deleveraging event, with Bitcoin in a stabilization phase as risk appetite rebuilds.
- Potential catalysts flagged for a later crypto move include expected rate cuts, wider access through spot Bitcoin ETFs, improving regulatory clarity, and possible SLR relief for banks.