Bloomberg analyst: Bitcoin may usher in a major reset and is currently overvalued relative to gold

Odaily News Mike McGlone, senior commodity strategist at Bloomberg, said that the price of Bitcoin relative to gold may have peaked and may now be about to usher in a major reset. He analyzed that the ratio of Bitcoin to gold (that is, how many ounces of gold equal 1 BTC) will reach a peak of 40 times in 2024, which means that the value of one Bitcoin is 40 times that of one ounce of gold. However, McGlone seems to think that this situation may not be sustainable and is likely to reverse in 2025.
Overall, McGlone clearly warned that the stock market and Bitcoin could return to historical averages due to elevated risk of regression, meaning that if Bitcoin is currently overvalued relative to gold, a sharp correction could be in the cards. (U.today)