As a seasoned analyst with over two decades of experience in the financial markets, I find Mike McGlone’s outlook on Bitcoin intriguing and well-grounded. His prediction that Bitcoin will continue to outperform most other cryptocurrencies is not only backed by the current market trends but also aligns with my own observations.
In a recent conversation, Mike McGlone, a top commodity strategist at Bloomberg Intelligence, forecasted that Bitcoin would continue to excel compared to the majority of other digital currencies.
He expressed his belief that it will likely keep surpassing many other cryptocurrencies, especially the Bloomberg Crypto Index, he added.
The Bloomberg Crypto Index, which measures the performance of major cryptocurrencies based on their market cap, has seen a year-to-date increase of 91.67% and recently hit an all-time high of 3,771.37. Launched in May 2018, it comprises Bitcoin, Ethereum, Solana, Polkadot, Litecoin, Chainlink, and other significant altcoins.
2021 has seen a significant difference in performance between various cryptocurrencies and the top dog, Bitcoin. In fact, Bitcoin has skyrocketed to a daily growth of 138%, putting its current value at an impressive $100,787 per coin.
When asked if Bitcoin had peaked in its monetary cycle, the respected analyst playfully commented that predicting peaks could lead to losing one’s hair.
McGlone hadn’t anticipated a potential increase of 30% to 40% for the top cryptocurrency. But if U.S. stocks were to rise approximately 30% next year, as predicted by McGlone, they would have to double in value.
Over the course of 100 days, the correlation between Bitcoin and the S&P 500 shows a difference of approximately 0.50. This discrepancy is currently at its highest level in recorded history, as pointed out.
He’s cautioned that cryptocurrencies often experience a larger drop than anticipated during major adjustments or corrections.
McGlone has also opined that Bitcoin is in its early days of becoming a global digital collateral.
As a crypto investor, I find myself constantly weighing the risks associated with Bitcoin, which currently stands as one of the more volatile assets in my portfolio. However, I’m intrigued by the predictions from McGlobe suggesting that Bitcoin could eventually trade more like traditional assets such as gold and bonds. This potential shift might bring a sense of stability to my investment strategy.
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2024-12-13 19:41