Analyst sends big warning on gold and bitcoin amid U.S. midterms

Bitcoin may be nearing a critical inflection point, according to Bloomberg Intelligence’s senior commodity strategist Mike McGlone, and the signal could extend beyond crypto. McGlone said the Bitcoin-to-gold ratio hovered around 20 ounces of gold per bitcoin on Oct. 31. He warned there is a risk of the ratio falling toward 15 rather than rising toward 25, which would imply gold is outperforming. A decline from 20 to 15 would suggest investors are increasingly favoring gold over BTC. He linked weakness in Bitcoin relative to gold to fading appetite for risk and potential pressure on Nasdaq-100 tech stocks. Ahead of the Nov. 3 U.S. midterms, McGlone cautioned against expecting a post-election rally, pointing instead to a possible correction. At the time cited, BTC traded at $77,237 and gold at $3,947.22 per ounce.