Bloomberg's top strategist Mike McGlone has issued a warning that Bitcoin could lose half its value relative to gold. Currently, the Bitcoin/gold ratio stands at approximately 30 ounces of gold per Bitcoin, but McGlone suggests this could drop to the mid-teens amid increasing market volatility. Bitcoin recently faced challenges in sustaining its price above $124,000, experiencing a decline to below $121,000 within hours. Concurrently, a significant short position on Bitcoin was initiated on Hyperliquid's derivatives market, while gold prices decreased by 1% to $4,035.