Copper-Gold Ratio Hits 15-Year Low: Is the Business Cycle Resetting for Bitcoin?

According to Michael van de Poppe, a renowned cryptocurrency analyst, the crypto market is bound to respond to the latest decision by the U.S. Federal Reserve in the coming weeks. In his latest posts on X, Van de Poppe noted that market developments in the next few weeks will likely give a better outlook going into 2026.

In the meantime, the crypto analyst stated that the crypto market trend in the current cycle is intact with a valid bullish thesis. However, he noted that Bitcoin needs to return above $92,000 to establish an upward momentum that will push it above $100,000.

Van de Poppe highlighted the Fed’s potential move, which would prompt the policymaker to make updates to its settings as a crucial move. However, he clarified that the move will not have an immediate effect on the markets. He also noted Bitcoin’s repeated pullback following FOMC meetings in 2025, stating that they flushed out long positions in long liquidations. According to the analyst, such moves do not determine the long-term outlook of the crypto market.

Meanwhile, van de Poppe’s technical read pointed to possible if Bitcoin holds key levels. He said Bitcoin’s RSI fell below 20 during the latest slide and that the MACD spread stretched to an extreme, which he framed as evidence of how sharp the decline became across timeframes.

Although a section of the crypto community leaning on a four-year cycle template argue Bitcoin has turned bearish, van de Poppe described the current setup as a high-fear phase rather than a clean trend break. He also pointed to BTCUSD to gold sitting near a multi-year low and the copper to gold ratio at a long-range low, which he framed as signals that the business cycle is near a trough.