Glassnode analyst James Check says Bitcoin rally need not depend on weakness in gold or silver by 2026

On December 28 2025, Glassnode lead analyst James Check argued that Bitcoin can extend its upward trend without requiring declines in gold or silver. Other strategists expect the Bitcoin-to-gold ratio, currently near 20:1, could slide toward 10:1 by 2026, even as both assets retain strong long‑term cases. Despite Bitcoin's drop of almost 30% from its October all‑time high and diverging sentiment indices, several industry figures still anticipate robust BTC performance and potentially steadier gains over the coming decade.