Cryptocurrency analyst Benjamin Coyne says the Bitcoin price downtrend may not be as short-lived as many coin holders expect.

“Bitcoin will likely continue to bleed against the stock market,” Cowen said in a video on Thursday, adding that strong expectations of a “massive shift” from metals like gold and silver to cryptocurrencies may be misplaced.

Gold and silver prices recently rose to all-time highs of $5,608.33 and $121.64, respectively, according to Trading Economics.

Citi expects silver will not slow down

On Tuesday, Citi predicted that silver would rise to $150 within the next three months, driven by Chinese demand and the US dollar reaching its lowest levels in four years.

However, Cowen stressed that the shift to Bitcoin “will likely not happen” in the short term.

Many in the cryptocurrency market are betting that gold and silver reaching all-time highs is a sign that history will repeat and Bitcoin will eventually follow.

Bitcoin is trading at $82,859 at press time, down 7.78% over the past seven days, according to CoinMarketCap.

This comes as sentiment in the broader cryptocurrency market declines. The Cryptocurrency Fear and Greed Index, which measures overall cryptocurrency market sentiment, recorded a “severe fear” score of 16, indicating that investors are significantly cautious about the cryptocurrency market.

Other analysts are more optimistic

Pav Hundal, senior analyst at SWIFTEX, told Cointelegraph that the market may be near a turning point, saying: “We are at the cusp of where we would traditionally expect to see risk back into Bitcoin.”

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“Bitcoin lows have historically lagged gold’s relative strength by about 14 months,” Hundal explained, adding that he expects the rotation to occur in February or March.

“If history repeats, which it does, the gold and bitcoin dynamics point to a potential bitcoin bottom forming within the next 40 days,” Hundal said.