Bitcoin BTCUSD disappointed at the Aug. 16 Wall Street open as rangebound BTC price action contrasted with new record highs for gold.
Analyst: Limp BTC price upside “telling”
Data from Cointelegraph Markets Pro and TradingView showed 
BTCUSD 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, commented 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%.
In his own reaction, Charles Edwards, founder of quantitative Bitcoin and digital asset fund Capriole Investments, struck a more positive tone, calling for “patience” while acknowledging that Bitcoin’s recovery from macro lows at the start of August had been “behind other asset classes.”
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 around three months.
Bitcoin stocks correlation to return in 2025
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.
“As a reminder, in 2019, also a year that the Fed cut rates, BTC diverged from SPX as well,” he wrote in an X post alongside a chart of the S&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 comments, he gave a timeline of 2025 for the positive correlation between the two assets to return.
Earlier, Cointelegraph reported on similarly unimpressive moves by Bitcoin compared to Japanese stocks, which canceled out their record plunge 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 warned on the day.
“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.”
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.
### BTC Price Action and Market Observations
Bitcoin’s lackluster performance at the Wall Street open on Aug. 16 disappointed investors as it traded within a tight range while gold reached new record highs. The failure of Bitcoin to respond positively to good news raised concerns among market analysts, highlighting the need for caution in the current environment.
### Insight from Industry Experts
Analysts like Charles Edwards from Capriole Investments emphasized the importance of patience in assessing Bitcoin’s recovery compared to other asset classes. Historical data suggest a potential positive correlation between Bitcoin and gold, indicating a possible future uptrend for the cryptocurrency.
### Correlation with Stocks and Future Predictions
Benjamin Cowen, CEO of Into the Cryptoverse, drew parallels between Bitcoin’s price action and the stock market, hinting at a potential correlation to return in 2025. This comparison sheds light on the cyclical nature of the cryptocurrency market and its relationship with traditional financial markets.
### Potential Market Volatility
Despite some optimistic viewpoints, experts like Tuur Demeester warned of potential downside risks for Bitcoin, especially in the event of a significant sell-off in the stock markets. This cautionary stance underscores the importance of closely monitoring market developments to mitigate potential losses.
