Silver down 59.7% from January peak; Cowen flags potential for further Bitcoin lows

Silver spot prices have fallen 59.7% from their January peak, a decline that analyst Benjamin Cowen cited as an analogy for the possibility of further Bitcoin lows. Kitco's quote page showed silver spot bid at $49 per troy ounce as of November 1, down from the January 29 high of $121.67 per troy ounce. Cowen, founder of Into The Cryptoverse, made the comparison in a The Block interview published August 11, suggesting the cycle bottom could extend into 2027. The 59.7% figure measures the drop from the intra-year peak, not a year-to-date decline. The comparison matters because silver's failed rebounds are being used as a framework for assessing whether Bitcoin has fully bottomed, with the next cycle timing a key point to watch.