However, analysts believe that such rare "asymmetric situations" often precede a return of capital to the flagship cryptocurrency.

The Bitcoin-to-Gold Ratio measures how many ounces of gold it takes to buy one Bitcoin. On Wednesday, January 21, this indicator fell to approximately 18.5. This is due to the precious metal reaching a new all-time high of $4,888, while BTC is struggling to hold above $90,000.

Capriole Investments founder Charles Edwards noted that over 100 years of bull markets, gold prices have risen by an average of more than 150%. If this trend continues, the precious metal could rise to $12,000 in 3-10 years, increasing short-term pressure on the BTC/GOLD pair.

Crypto analyst Decode suggested that the pair may be showing signs of trend exhaustion. Using Elliott Wave Theory, he concluded that the bearish trend may be closer to an end than a continuation, even as investor sentiment becomes increasingly negative.