Bitcoin-to-gold ratio at 20 ounces… Magoon sees greater likelihood of it falling to 15 ounces

Bloomberg Intelligence senior commodity strategist Mike McGlone said in an Oct. 31 post on X that one bitcoin is worth about 20 ounces of gold, framing the 20 level as the pivot for the bitcoin-to-gold ratio. He said holding above 20 could signal bitcoin recovering against gold, while a drop below 20 would point to continued relative weakness, and he sees a move toward 15 ounces as more likely than one to 25. The ratio measures how many ounces of gold one bitcoin buys, so a falling reading means bitcoin is underperforming the metal. The 15 and 25 figures are McGlone's forward projections rather than levels already reached. Watch whether the ratio holds the 20 threshold, since a break below would reinforce the case for bitcoin lagging gold.