Bloomberg analyst Mike McGlone believes that if Bitcoin has peaked, it could indicate a potential peak for the S&P 500 index against gold. He notes that the ratio of the S&P 500 Index to gold is below its 2018 high and considers this level a formidable resistance threshold. Gold outperformed the S&P 500 in 2024, leading McGlone to suggest that gold may have an advantage in 2025 if Bitcoin has peaked. The analyst also emphasizes that gold is a significant competitor to Bitcoin, and younger investors are more likely to prefer Bitcoin over gold. Additionally, McGlone points out that Bitcoin has a high correlation with the U.S. stock market, which is currently at its highest level ever relative to the U.S. GDP.



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