Bitcoin's Bear Market Could Guide Gold, Risk Assets President Trump's shift from crypto antagonist to enthusiast helped him get reelected in 2024, but Bitcoin has rolled over and other risk assets may follow if history is a guide. My graphic featuring the first-born crypto (divided by 10) and gold (multiplied by 2) to put them on the same scale as the S&P 500 (SPX) shows Bitcoin's downtrend, as indicated by its 50-week moving average, and gold on the cusp of going lower. At about 2.2x SPX's annual volatility -- the highest since 2007 -- gold is currently a highly volatile and correlated asset. The signal from Bitcoin's bear market may be that SPX volatility will mean-revert toward its typical 1-to-1 relationship with gold. My bottom line from the graphic is that risk assets are at elevated risk of rolling over and the midterms stand to be a decisive factor. Full report on the Bloomberg here: https://blinks.bloomberg.com/news/stories/tnvd97kijh9e {BI COMD} #Bitcoin #gold #stocks @BBGIntelligence