The 35x Bitcoin-To-Gold Ratio

Sigel wrote on X that if Bitcoin regains the 35x BTC/XAU cross implied by current levels of the Buffett Indicator, the price target sits at $160,000. 

Bitcoin currently trades near $81,000 while gold prices hover around record highs, leaving the current Bitcoin-to-gold ratio at roughly 17x.

A chart shared by Sigel compared the BTC/XAU ratio against the Buffett Indicator, which measures the total value of the US stock market relative to GDP. 

It showed a widening divergence through 2025 and 2026, as equities climbed to 230% of GDP while Bitcoin lagged.

Sigel argued that the ratio remains well below historical levels seen during periods when US equities traded at…

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