The market felt a tense atmosphere as of March 19. The Federal Reserve had just released its latest policy decision, and concerns over Middle Eastern supply led to soaring oil prices, making it difficult for even seasoned traders to find a solid footing. Cryptocurrencies were not immune to this pressure.
Following the Federal Reserve's FMOC meeting, Bitcoin declined again, continuing a period of correction that has traders focusing more on downside targets rather than a swift return to the highs of late 2025. This situation has caused analysts to adopt a more cautious tone, with some warning that Bitcoin may have further room to fall.
Related report: Bitcoin Falls Below $70,000 as Market Rattled by Rising Oil Prices.
Analysts Warn of Further Decline for Bitcoin
Market analyst Benjamin Cowen stated in a post on March 19: “The value of Bitcoin relative to gold may hit a low range later this year.”
Cowen's viewpoint is not due to a surge in gold prices, but rather Bitcoin's underperformance relative to it. 
Even as both assets show weakness, the decline in the BTC/gold ratio still indicates that Bitcoin is depreciating faster than gold.
Ted expressed his belief that Bitcoin will reach these two levels at some point in 2026.
Federal Reserve Holds Rates Steady, Raises Inflation Outlook
According to Reuters, the Federal Reserve still expects a rate cut in 2026, but with rising oil prices, traders are pushing back expectations for easing policies.
The Nasdaq index fell, and gold weakened following the Federal Reserve's decision.
Nevertheless, Cowen's charts indicate that if cryptocurrencies remain relatively weak assets in a tightening environment, Bitcoin may still lose its standing in value relative to gold.
As of writing, Bitcoin is trading at $69,354, down 4.17% on the day. Ethereum is trading at $2,131, XRP is priced near $1.43, and Solana hovers around $88.
Related report: Traders Pour Billions Ahead of Federal Reserve's 2 PM Decision. 