Mike McGlone, Bloomberg's leading analyst, is convinced that Bitcoin, the leading cryptocurrency by market cap, could indicate a potential peak for the S&P 500 index against gold.

The top analyst has noted that 2.3 ounces of the metal equal to the S&P 500 Index on Dec. 31 is below the 2.4x SPX/gold ratio high in 2018.

McGlone has opined that 2.4x could be a formidable resistance threshold.

The price of gold was up by nearly 29% in 2024, outperforming the flagship S&P 500 index.

The analyst believes that the yellow metal will likely have an upper hand in 2025 if Bitcoin has peaked.

"The rock beating stocks in a record-setting year for risk assets -- notably cryptos -- could augur wealth-effect limits favoring the store of value," he said earlier this week.

Last year, numerous analysts predicted that Bitcoin would be able to eventually replace gold. Bernstein recently forecasted that Bitcoin might end up replacing the yellow metal within the next 10 years.

During a recent interview with Kitco, McGlone opined that 2024 could not get any better for Bitcoin.

He has also stressed that gold was a significant Bitcoin competitor. "You can't really hold gold anymore without some Bitcoin in that space. Anybody under 30 doesn't buy gold. They don't really care," he said.

At the same time, he pointed to the fact that Bitcoin has a high correlation with the U.S. stock market, which is at its highest level ever relative to the U.S. GDP.

In December, Bitcoin rallied all the way to $100,000. However, this rally ended up fizzling.