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Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) disappointed at the Aug. 16 Wall Street open as rangebound BTC price action contrasted with new record highs for gold.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/27686e36-2bea-4a12-b5f1-d9a10b881296.png" alt="Bitcoin price stumbles as gold price hits $2.5K for the first time ever" title="">
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 BTC/USD 1-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="analyst-limp-btc-price-upside-telling">Analyst: Limp BTC price upside “telling”</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed BTC/USD surfing both ends of a $1,500 intraday trading range.
Having avoided a retest of $56,000 lows from the day prior, Bitcoin nonetheless failed to impress market observers.
“The fact BTC will not go up on good news is probably more telling than people wish to accept,” Filbfilb, co-founder of trading suite DecenTrader, <a href="https://x.com/filbfilb/status/1824424574034792783" target="_blank" rel="noopener nofollow">commented</a> on X.
Filbfilb pointed to both gold and equities outperforming Bitcoin currently, with the former posting new all-time highs of $2,500 on the day.
Year-to-date, XAU/USD is up 21% — albeit still lower than Bitcoin’s 38%.
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/62bd3c70-9c79-4f76-b7ff-d6f140bdffd0.png" alt="Bitcoin price stumbles as gold price hits $2.5K for the first time ever" title="">
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 Source: <a href="https://x.com/PeterLBrandt/status/1824438719350444368" target="_blank" rel="noopener nofollow">Peter Brandt</a>
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In his own reaction, Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, struck a more positive tone, <a href="https://x.com/caprioleio/status/1824430168720744626" target="_blank" rel="noopener nofollow">calling</a> for “patience” while <a href="https://x.com/caprioleio/status/1823982086812004715" target="_blank" rel="noopener nofollow">acknowledging</a> that Bitcoin’s <a href="https://cointelegraph.com/news/btc-price-chart-bitcoin-match-49-5-k-lows-dayshttps://cointelegraph.com/news/btc-price-chart-bitcoin-match-49-5-k-lows-days">recovery from macro lows</a> at the start of August had been “behind other asset classes.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/2087f8a0-0add-46ce-9d01-c6a5ba3380ae.png" alt="Bitcoin price stumbles as gold price hits $2.5K for the first time ever" title="">
 <figcaption style="text-align: center;">
 S&amp;P 500 vs. gold vs. BTC/USD chart. Source: Charles Edwards/X
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Earlier, Edwards nonetheless suggested that Bitcoin should ultimately follow gold higher, given historical precedent. The gap between a gold and Bitcoin move, he showed, is&nbsp;<a href="https://cointelegraph.com/news/bitcoin-price-3-months-copy-gold-bull-run-analyst">around three months</a>.
<h2 id="bitcoin-stocks-correlation-to-return-in-2025">Bitcoin stocks correlation to return in 2025</h2>
Comparing BTC price action to stocks, meanwhile, Benjamin Cowen, CEO and founder of analytics resource Into the Cryptoverse, drew similar comparisons to previous market cycles.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-price-bounces-4-triple-death-cross-sub-50k-warning">Bitcoin price bounces 4% as triple ‘death cross’ sparks sub-$50K warning</a>
“As a reminder, in 2019, also a year that the Fed cut rates, BTC diverged from SPX as well,” he wrote in an X&nbsp;<a href="https://x.com/intocryptoverse/status/1824244180912124123" target="_blank" rel="noopener nofollow">post</a> alongside a chart of the S&amp;P 500.
Cowen referred to the presumed course of the United States Federal Reserve this year, which markets see lowering interest rates next month.
“So many people keep acting like this stuff is unprecedented and hard to believe, but the *exact* same thing happened last cycle,” Cowen added.
In subsequent <a href="https://x.com/intocryptoverse/status/1824250438041907624" target="_blank" rel="noopener nofollow">comments</a>, he gave a timeline of 2025 for the positive correlation between the two assets to return.
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/4684273c-de2e-4906-9f8d-f7cf9150a59e.png" alt="Bitcoin price stumbles as gold price hits $2.5K for the first time ever" title="">
 <figcaption style="text-align: center;">
 S&amp;P 500 vs. BTC/USD chart. Source: Benjamin Cowen/X
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Earlier, Cointelegraph reported on similarly unimpressive moves by Bitcoin compared to Japanese stocks, which <a href="https://cointelegraph.com/news/bitcoin-buyers-wait-below-58k-japan-wipes-record-stocks-crash">canceled out their record plunge</a>&nbsp;from two weeks prior.
Longtime Bitcoin analyst Tuur Demeester, however, said that a fresh comedown could easily strike BTC markets once more.
“To be clear: the bleeding likely isn’t over!” he <a href="https://x.com/TuurDemeester/status/1824195501098447063" target="_blank" rel="noopener nofollow">warned</a> on the day.
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 “A pullback to $45k isn’t unthinkable, e.g. if we see a big selloff in the stock markets. Be sure to keep your seatbelts fastened.”
</blockquote>
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 <img src="https://s3.cointelegraph.com/uploads/2024-08/0dc350c6-71ae-4ec7-9f80-0b3d98d6223e.png" alt="Bitcoin price stumbles as gold price hits $2.5K for the first time ever" title="">
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 BTC/USD 1-week chart. Source: Tuur Demeester/X
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price stumbles as gold price hits $2.5K for the first time ever

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