TechFlow, Dec 1 — Bloomberg analyst Mike McGlone posted on social media indicating that extreme stock market complacency may signal further declines in risk assets, with BTC potentially leading the downturn. Currently, the BTC-to-gold price ratio stands at approximately 20x, while Bloomberg's economic model suggests a fair value closer to 13x.
McGlone pointed out that the S&P 500's 120-day volatility is approaching its lowest year-end level since 2017, one of the main reasons behind the BTC-to-gold ratio reverting toward 13x. The analyst views this as a normal mean-reversion pattern, implying BTC prices could correct to the $50,000 level.
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