As gold surged 65% and silver exploded by 148% in 2025 – marking some of the biggest annual gains in decades – Bitcoin lagged with a modest 6% decline, frustrating many holders. But according to analyst Michaël van de Poppe, this divergence sets the stage for BTC to play catch-up in 2026, potentially delivering massive upside as the “digital gold” narrative regains momentum.
In his latest video, van de Poppe argues that the widespread “2026 bear market” thesis is misguided. While precious metals rallied amid shifting macro conditions, Bitcoin – often hailed as digital gold for its scarcity and scalability – remains undervalued relative to traditional safe-haven assets.
He highlights stark market cap comparisons: Gold ballooned from $18 trillion to $30 trillion in 2025, while silver tripled from $1.7 trillion to $4 trillion. If Bitcoin simply matches gold’s current valuation, it could hit a 15x gain, pushing prices toward $1.5 million per coin.
Drawing on market psychology via the classic Wall Street “cheat sheet,” van de Poppe notes that gold and silver are in “euphoric” territory – evidenced by reports of physical shortages and premium pricing in stores. In contrast, crypto sentiment sits at the opposite end: depression, anger, and capitulation, especially for altcoins.
This contrarian setup, he says, positions Bitcoin for a strong rebound as investors rotate back into the asset with superior transactability and growth potential. While no other specific tokens were spotlighted, the core message is clear: The bearish crowd may be positioned for the wrong outcome in 2026.