Analyst: BTC may drop to 50,000 USD, and the Bitcoin/gold ratio may eventually fall to around 13 times

Senior Commodity Strategist at Bloomberg Intelligence, Mike McGlone, stated on social media that Bitcoin may retrace to $50,000, and the Bitcoin/gold ratio could eventually drop 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 indicated that Bloomberg's economic model shows the Bitcoin to gold ratio is currently about 20 times, while its fair value should be close to 13 times— the key driver for this ratio's reversion is that the 120-day volatility of the S&P 500 index is approaching its lowest year-end level since 2017.