On August 16, Bitcoin exhibited a lackluster performance at the opening of Wall Street. The price of BTC remained within a narrow range, failing to show any significant movement, while simultaneously, the gold market reached new record highs.

Bitcoin managed to avoid revisiting the lows of $56,000 from the previous day, but it did not generate much excitement among market observers.

“The fact that BTC did not experience an upward movement despite positive news is probably more significant than people realize,” commented Filbfilb, who is the co-founder of the trading suite DecenTrader, on X.

In a recent post, Benjamin Cowen, CEO and founder of analytics resource Into the Cryptoverse, compared the price action of Bitcoin to stocks and drew parallels to previous market cycles.

He highlighted that in 2019, when the Fed cut rates, Bitcoin’s price movement diverged from the S&P 500 (SPX). Cowen also referenced the anticipated actions of the United States Federal Reserve this year, with expectations of interest rate cuts next month.

Cowen emphasized that many people are astonished by the current events, despite the fact that a similar occurrence took place during the previous cycle.

In his subsequent remarks, he predicted a positive correlation between the two assets to reemerge by 2025.