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Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence, commented on the recent Bitcoin (BTC) price downtrend. McGlone said Gold is decisively taking the alpha baton from Bitcoin.
However, analysts at Swan argued that Bitcoin did not break; rather, it shifted. Thus, they expect to see price recovery soon.
McGlone Suggests Bitcoin BTC Gain is Shifting to Gold
In an X post, McGlone highlighted gold’s outperformance over Bitcoin as a signal of broader investor caution.
He emphasized that gold is reclaiming its role as the premier store of value, signaling a shift away from Bitcoin.
Gold is 2025’s best-performing asset so far, and analysts expect it to retest the $4,360 level once support can be confirmed. On the other hand, Bitcoin is down 2.3% within the same period.
Additionally, the BTC/gold ratio has been range-bound, indicating that Bitcoin’s dominance is no longer evident. McGlone argued that this is not a temporary phenomenon, but a structural change, as investors flee crypto assets for stability.
He warned that if Bitcoin continues to lose ground to gold, it could force a reset in asset valuations.
McGlone referenced a chart where the gold price has stayed firmly above its 200-day MA, confirming the bullish trend. In contrast, the Bitcoin price has tested its 200-day MA, foreshadowing weakness.
He pointed out this as a signal of year-end bearish price reversal for Bitcoin, potentially extending into 2026. McGlone sees upside for gold extending, while Bitcoin faces headwinds unless it breaks key resistance.
In September, McGlone warned that the Bitcoin price could slide from $110,000 to $10,000. He gave the prediction after Bitcoin broke from its correlation with gold at the time.
Analyst Raise Optimistic Bitcoin BTC Forecast
Contrary to McGlone, analysts at Swan Bitcoin, a prominent Bitcoin-only financial services platform, raised a bullish Bitcoin forecast.
In its latest Bitcoin analysis, the analyst argued that the latest BTC price drop is healthy maturation, not collapse.
Although the BTC price is dropping hard, the analyst argued that the fundamentals are intact. He explained that what has shifted” is who owns the Bitcoin.
According to the analyst, institutional investors are aggressively buying BTC from the early holders who are selling due to market volatility.
The analyst added that most people are misinterpreting the supply and demand dynamics. He foresees a surge in the BTC price once institutions are done accumulating.
To the analyst, Bitcoin is not yet in a bear market. He believes the pain investors feel is just the birth of the real bull market.
State of the Bitcoin BTC Market and Institutional Accumulation
Bitcoin peaked above $126,000 in early October, but has since plunged nearly 30% to the $90,000-$100,000 range. As of this writing, BTC is traded at $90,760, down 2.2% over the past 24 hours.
Analysts have attributed the recent price declines to liquidations, sales by long-term holders, and institutional rebalancing. This has left the market unsure of the next support levels.
However, market data suggests Bitcoin may find support around $87,500. Recent data from CryptoQuant support this, noting that the price could test that level if the ratio of short-term holders taking profits falls below 0.75.
Additionally, the resumption of inflows into the spot Bitcoin exchange-traded fund (ETF) market can lead to an increase in the BTC price.
The spot BTC ETF market has registered consistent outflows over the past few weeks, suggesting cautiousness among institutional players.
Nevertheless, countries like El Salvador remain bullish on the future price trajectory of BTC. Leveraging the asset’s recent price dip, El Salvador recently purchased 1,090 BTC for approximately $100 million.
