2026-01-14 12:22:33

Yesterday early morning, Bitcoin once again broke upwards, surpassing the $96,000 mark. Watching the market filled with cheers, institutions are shouting to push towards $100,000, and the atmosphere is indeed heated.

But upon closer inspection of this wave of行情, I feel something is off. The price is rising aggressively, but the underlying logic is quietly loosening.

**Gold regains dominance? The halo of digital assets as a hedge is fading**

An interesting phenomenon: Bitcoin, priced in gold, has already fallen below 20 ounces at the beginning of 2026, hitting a nearly two-year low. In contrast, gold and silver are breaking through historical highs one after another.

What does this indicate? It shows that in the face of real gold and silver, investors are starting to vote with their feet. When inflation really knocks on the door, people still trust those ancient, tangible hard assets more than the story of "digital gold." Bitcoin was once touted as an inflation hedge, but now this halo is gradually fading.

**Halving cycle also失灵了？**

There’s an even more painful point. The traditional Bitcoin investors’ belief in the "four-year halving cycle"—a theory once hailed as a holy grail—is facing unprecedented challenges. Since the historic high of $125,000 in October 2025...

I haven't looked at all the details, but the outline of the problem is already clear. Does that cycle theory still work now? Probably not, and it’s worth questioning.

In the short term, the bullish momentum is fierce, but in the medium term, the market’s story is being rewritten.

BTC-1,12%

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ChainSpy

· 01-17 08:02

Will gold surpass Bitcoin? That logic has some substance to it. It feels like the narrative in the crypto world is really starting to loosen up.

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NewPumpamentals

· 01-17 07:13

The 96,000 break below is so fierce, but gold is secretly taking off. The contrast is a bit ironic. The story of digital gold has run its course; hard assets are the real way to go. Halving cycle failing? It’s been obvious for a while; institutions are just changing their tricks. Prices are rising aggressively, but the underlying logic can't support it; this wave feels a bit hollow. When priced in gold, the decline to this extent was expected by investors. To be honest, the 100,000 figure is more of a psychological expectation; the fundamentals are deteriorating.

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OnchainDetective

· 01-15 23:42

Selling pressure is so strong, the institutions shouting for 100,000 is just a smoke screen --- Gold surges wildly while Bitcoin falls, these data are really hitting hard --- The theory of the halving cycle should have been revised long ago, are we still using it as a Bible? --- Price rises are real, but the fundamentals are failing, this is the most dangerous signal --- Once again breaking upwards, once again illusory prosperity, when will we see through it --- Basically, it's a fake rally created by liquidity; real gold and silver tell the truth --- Bitcoin to gold hits a new low, this chart doesn't lie --- That group of institutions promoting a push to 100,000, I knew I should think in the opposite direction --- Weak underlying logic but prices surge fiercely? Isn't this a classic top signal? --- The statement that the halving cycle is broken is well said; we need to wake up

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GasFeeDodger

· 01-14 12:52

The story of digital gold should come to an end, right? Honestly, seeing Bitcoin fall below $20 an ounce of gold, I knew this time is different.

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CryptoGoldmine

· 01-14 12:39

Hashrate profit ratio better explains the issue than price itself, providing a more accurate reflection. From the perspective of mining pool difficulty adjustments, short-term fluctuations mask the truth of long-term cycles. BTC's comparison to gold is indeed loosening, but this doesn't mean the underlying algorithm has failed. On the contrary, it's an opportunity for low-cost accumulation; the key is how you plan your investment return cycle. Interestingly, institutions are still shouting slogans, but the actual growth curve of the hashrate network has already provided the answer. Price fluctuations are market sentiment; hashrate is the fundamental, and this has never changed.

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FundingMartyr