A number of indicators suggest that Bitcoin (BTC) is pushing aside gold as the premier safe-haven asset. This could set the stage for wider mainstream adoption of the digital currency, according to Mike McGlone, a senior commodity strategist at Bloomberg. McGlone tweeted Monday that the battle between the safe havens is beginning to favor Bitcoin, based on technical and fundamental indicators. He explained: “Gold will always have a place in jewelry and coin collections, but most indicators point to an accelerating pace of Bitcoin replacing the metal as a store of value in investor portfolios.” Digital #Gold Pushing Aside the …
Despite the current battle between Bitcoin bulls and bears around the $50,000 price mark — and an 8.7% pullback over the past 24 hours — a raft of analysts and commentators have got out their crystal balls to tip a glittering future for Bitcoin prices. On Mar. 4, Senior Commodity Strategist for Bloomberg Intelligence Mike McGlone pointed to historical data to suggest that Bitcoin is on the way to $100,000. McGlone’s logic revolves around the growing discount for shares in the Grayscale Bitcoin Trust which is at the same level as last year’s Black Thursday collapse. The discount refers to …
Bitcoin (BTC) has risen to rarely seen price highs, currently stalling between $17,000 and $18,500 before deciding on its next move. Gold recently broke all-time U.S.-dollar price highs, surpassing $2,000 per ounce before pulling back and consolidating in price. Bloomberg Intelligence strategist Mike McGlone thinks the same could happen with BTC. “Short term, $20,000 is pretty good resistance,” he said in a Bloomberg interview on Wednesday. “I’m afraid it’s probably going to do what gold did. It got to $2,000, and then that’s been consolidating in a bull market since.” Bitcoin rose to just shy of $18,500 on Tuesday before …
Bloomberg’s senior commodity strategist Mike McGlone is tipping that the price of Bitcoin (BTC) will rebound in the second half (2H) of 2022. Sharing his thoughts to his 48,100 Twitter followers on Wednesday, McGlone saw positive signs in the data Bloomberg’s Galaxy Crypto Index (BGCI) and the 50-week and 100-week moving averages of BTC’s price. He suggested that the current indicators are showing similar signs to the bottom of the bear market in 2018, which preceded a strong rebound in the first half of 2019: “With the Bloomberg Galaxy Crypto Index nearing a similar drawdown as the 2018 bottom and …
Bitcoin is likely to transition from a risk-on to a risk-off asset in the second half of 2022, as the macroeconomic environment is rapidly shifting towards a recession, said Mike McGlone, senior commodity strategist at Bloomberg, in a recent interview with Cointelegraph. McGlone predicted: “ I see it transitioning to be more of a risk-off asset like bonds and gold, then less of a risk-on asset like the stock market.” According to the analyst, the crypto market has flushed out most of the speculative excesses that marked 2021 and it is now ripe for a fresh rally. McGlone also pointed …