According to @CryptoMichNL, the BTC priced in Gold ratio has pulled back to the 300-day simple moving average, a level where prior bottoms have formed in BTC versus Gold, implying the current correction could mark a low if this historical behavior holds (source: @CryptoMichNL on X). He adds that production cost for BTC is not far from current levels, reinforcing the potential for a cyclical low in this zone for the BTC/XAU ratio (source: @CryptoMichNL on X). He reports the ratio is 21 versus a recent high of 40, indicating that even a BTC rally to 150,000 to 175,000 dollars with Gold stalling would not push the ratio to new highs, suggesting upside room without signs of overvaluation in the ratio context (source: @CryptoMichNL on X). He concludes that the current Bitcoin cycle is far from over and highlights the BTC/XAU 300-day SMA as a confirmation level traders can monitor for trend resumption (source: @CryptoMichNL on X).