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ChainCatcher news, Bloomberg commodity strategist Mike McGlone published an analysis on the X platform stating that the Bitcoin/Gold ratio may lead the market downtrend. He pointed out that the current nearly unprecedented premium level of U.S. stocks has shown signs of peaking and may revert to normal levels, while the equivalent ounce ratio of gold to Bitcoin can serve as an important reference indicator.McGlone emphasized that since 2008, the S&P 500 total return index has only experienced two annual declines, and such situations often put pressure on the cryptocurrency market. His model indicates that risk assets may reach a cyclical low by 2025.