On December 1, Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, posted on social media that Bitcoin may retrace to $50,000, and the Bitcoin/gold ratio could fall to 13 times. The extreme complacency in the market suggests that risk assets may decline further, with Bitcoin likely being the first to suffer. Mike McGlone stated that Bloomberg's economic model shows that the Bitcoin to gold ratio was about 20 times on December 1, while its fair value should be close to 13 times—key drivers pushing this ratio back include the 120-day volatility of the S&P 500 index approaching its lowest year-end level since 2017.
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Bloomberg analyst: The Bitcoin/Gold ratio may fall to around 13 times, with the coin price dipping back down to 50,000 USD.
On December 1, Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, posted on social media that Bitcoin may retrace to $50,000, and the Bitcoin/gold ratio could fall to 13 times. The extreme complacency in the market suggests that risk assets may decline further, with Bitcoin likely being the first to suffer. Mike McGlone stated that Bloomberg's economic model shows that the Bitcoin to gold ratio was about 20 times on December 1, while its fair value should be close to 13 times—key drivers pushing this ratio back include the 120-day volatility of the S&P 500 index approaching its lowest year-end level since 2017.