Silver has already proven how quickly its price can change when conditions line up. The metal reached an all time high near $122 before a steep correction erased a large part of that move. Now, one analyst believes the bigger silver story could still be far from finished.
Oren Elbaz has compared the current position of silver to Bitcoin in 2015, a period that came before BTC produced one of the biggest advances in its history. His argument goes beyond a simple comparison between 2 scarce assets. He believes limited supply, monetary demand and silver’s industrial importance could eventually support a much higher valuation.
Another development makes the discussion more interesting. Honza Černý pointed to David Bateman’s reported decision to move away from most of his mining stocks and add approximately 4 million ounces of physical silver.
The bullish case sounds powerful, although the silver price chart currently presents a more complicated picture.
What you'll learn 👉
Oren Elbaz Says Silver Could Be Where Bitcoin Was in 2015
Oren Elbaz believes silver currently resembles Bitcoin during 2015. His comparison focuses on where both assets stood after major periods of excitement followed by painful corrections.
Bitcoin had already established itself as a new financial asset before 2015, but the collapse that followed its 2013 bull market removed much of the earlier excitement. BTC traded below $200 during part of 2015 after previously crossing $1,000.
You don’t need a lot of #silver. Since it is so undervalued, even 100 ounces can be life changing.
— Oren Elbaz (@thesilverhermit) August 26, 2026
It is difficult to imagine right now, but silver is akin to bitcoin in 2015 – an asset that just recently announced its existence on the world stage, and then had a brutal bear… pic.twitter.com/ujvhgw3qKu
What followed changed Bitcoin’s history. BTC eventually recovered and entered the 2017 bull market, which took its price close to $20,000.
Elbaz believes silver could be going through a comparable stage. He argues that the metal remains undervalued despite its importance as both an industrial commodity and a monetary asset.
His outlook goes much further than a modest recovery. Elbaz believes silver has the potential to increase 10 times from current levels, and he does not necessarily view such a move as the final stage of the cycle.
A 10x increase from a silver price around $70 would place the metal near $700 per ounce. Under that scenario, 100 ounces would carry a market value of approximately $70,000.
Elbaz therefore argues that even 100 ounces could eventually become life changing if his broader silver outlook plays out.
Silver Supply and Monetary Demand Form the Basis of the 10x Argument
Elbaz’s silver prediction rests on an unusual combination of characteristics.
Silver has industrial uses across electronics, solar technology and numerous other applications. The metal also has a long history as money and a store of value.
Elbaz believes those 2 characteristics could become increasingly important during an inflationary period, especially if physical supply remains constrained.
His argument can be broken down into several important points:
- Silver remains relatively cheap: Elbaz believes the metal remains undervalued compared with many other major asset classes.
- Industrial demand remains important: Silver has practical uses across solar technology, electronics and several other industries.
- Physical supply could become important: Greater demand could put more pressure on the amount of physical silver available to the market.
- Silver has monetary characteristics: The metal has historically served as money and a store of value during different periods.
- Inflation could support monetary demand: Persistent concerns about fiat currency purchasing power could increase interest in hard assets.
- Broader adoption could change silver’s valuation: Elbaz believes silver would need to become a much more common portfolio asset before reaching its full potential.
The Bitcoin comparison becomes important because BTC also went through years when its eventual valuation appeared difficult to imagine.
Bitcoin’s later performance does not mean silver must follow the same path. The 2 assets have different markets, supply structures and sources of demand. Elbaz is instead comparing their positions within their respective adoption cycles.
His 10x silver prediction therefore depends on a much broader change in how the market values the metal.
David Bateman Reportedly Added About 4 Million Ounces of Physical Silver
A separate argument for physical silver comes from a post shared by Honza Černý.
Černý discussed David Bateman’s reported decision to sell most of his mining stocks in February despite maintaining a positive outlook for mining companies. Bateman reportedly added approximately 4 million ounces of physical silver instead.
4 MILLION OUNCES. PHYSICAL.
— Honza Černý (@honzacern1) August 25, 2026
Read that again.
David Bateman says he sold most of his mining stocks in February — despite believing miners are extremely well positioned — and instead added approximately 4 million ounces of physical silver.
Why?
Counterparty risk.
That may be… pic.twitter.com/DvszwsrQo2
Counterparty risk was central to the decision described in the post.
Mining stocks can provide exposure to rising precious metal prices, but owning shares means depending on a company and its management. Silver ETFs operate through financial structures, and futures depend on contracts between counterparties.
Physical silver works differently because ownership does not require another party to fulfill a financial obligation.
Černý therefore separates physical silver from mining stocks in his own framework. He views mining companies as investments that can potentially offer greater upside when silver prices rise. Physical metal serves a different purpose because direct ownership removes several forms of counterparty exposure.
The reported 4 million ounce position is enormous. A silver price of $70 would value 4 million ounces at roughly $280 million.
That position does not prove that silver prices will increase. However, it provides another perspective on why some large holders may prefer direct exposure to the metal instead of relying entirely on financial products linked to silver.
Silver Price Remains Inside a Falling Channel Despite the Bullish Predictions
The longer term arguments from Elbaz and Černý are optimistic, but current silver price action presents an important counterargument.
A look at the silver chart shows that the metal has remained inside a falling channel since its decline from the all time high near $122. Lower highs and lower lows have continued to develop during subsequent swings.
The first major swing took silver toward approximately $96 before the price dropped near $61. The following recovery reached around $89 before another decline pushed silver toward $55.
The latest swing has taken silver back toward $70, which is another lower high compared with the previous $89 peak.
That sequence keeps the falling channel intact.
| Silver Price Move | Swing High | Following Low |
|---|---|---|
| First Swing | $96 | $61 |
| Second Swing | $89 | $55 |
| Third Swing | Around $70 | Still Developing |
Continuation of this pattern could produce another move toward $50 or potentially lower. Such an outcome would maintain the sequence of lower highs and lower lows that has controlled silver since its record high.
The bullish scenario requires the price to escape this structure first.
Silver needs to break convincingly through the $69 to $70 region and move outside the falling channel. A successful breakout could improve the short term outlook and open a path toward considerably higher levels.
The main silver price scenarios can therefore be summarized this way:
- Below $69 to $70: The falling channel remains intact, which keeps another decline toward $50 possible.
- Above $70: A confirmed breakout would weaken the current pattern of lower highs and could improve the silver price outlook.
- Toward $100: This becomes a more realistic target if silver escapes the channel and maintains its recovery over the following weeks.
- Toward $700: This represents Elbaz’s much larger 10x scenario and should not be confused with an immediate technical price target.
The difference between those targets is important. The $50 and $100 levels come from the current technical structure, whereas the potential $700 valuation comes from Elbaz’s broader thesis about how silver could eventually be repriced.
Silver Indicators Show Mixed Momentum Near a Critical Price Area
Technical indicators also provide a mixed picture for the silver price.
The RSI currently reads 49.374. This places silver close to the midpoint of the RSI scale, which means neither buyers nor sellers have established overwhelming momentum through this indicator.
Stochastic stands at 54.819 and provides a similar message. The reading remains around the middle of its broader range, so silver is neither deeply oversold nor heavily overbought based on this measurement.
MACD offers a more positive reading at 4.16. The positive figure shows that underlying momentum has improved and provides some support for the possibility of another attempt at the upper boundary of the falling channel.
Rate of Change presents the opposite picture. ROC currently reads negative 11.53, which shows that silver remains below its comparison price from the indicator’s earlier measurement period.
Bull/Bear Power stands at positive 6.458. This reading shows that buyers still possess some strength despite the broader bearish channel.
| Name | Value | Current Interpretation |
|---|---|---|
| RSI (14) | 49.374 | Momentum remains close to balanced |
| STOCH (9,6) | 54.819 | Price momentum remains near its middle range |
| MACD (12,26) | 4.16 | Positive momentum supports another breakout attempt |
| ROC | -11.53 | Recent price performance remains weak |
| Bull/Bear Power (13) | 6.458 | Buyers retain some strength at current levels |
The indicators therefore do not provide a completely bullish or bearish picture. That makes the $69 to $70 region even more important for the immediate silver price outlook.
Elbaz’s comparison between silver today and Bitcoin in 2015 presents an ambitious longer-term scenario. His argument that silver could eventually rise 10x depends on scarcity, industrial demand, monetary demand, and a broader reassessment of how the market values the metal.
Read Also: Chainlink Price Prediction as LINK ETF Inflows Grow and Another Major Integration Goes Live
The reported accumulation of approximately 4 million physical ounces by David Bateman also brings direct silver ownership into the discussion, particularly when counterparty risk is considered.
Price action remains the immediate obstacle. Silver is still moving within a falling channel that has produced lower highs and lower lows since the $122 all time high. Another rejection near $70 could leave $50 exposed during the next downward swing.
Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.
