Mike McGlone, a senior analyst at Bloomberg Intelligence, posits that Bitcoin, the largest cryptocurrency in terms of market value, has ascended to become a significant global economic benchmark.
The analyst strongly believes that the future of high-risk investments might significantly depend on the success or failure of the top digital currency.
During his latest interview on Palisades Gold Radio, an influential financial podcast, McGlone emphasized a strong relationship between Bitcoin and the stock market, describing it as having a significant level of similarity.
In fact, it is at the highest level it has ever been on the 100-day basis.
According to U.Today’s report, Bitcoin saw a significant price decrease on Tuesday, potentially due to the unveiling of robust U.S. economic data suggesting higher-than-anticipated inflation rates.
The cryptocurrency is currently trading at $95,013, according to CoinGecko data.
McGlone has warned about excessive bullishness around the $100,000 level.
Gold and Bitcoin ETFs
According to McGlone, it’s impossible to discuss gold without also bringing up Bitcoin, as the latter has been gradually replacing or diminishing the significance of the former.
According to McGlone, it could be considered negligent not to hold the front-runner in the cryptocurrency market.
Should Bitcoin fail to surpass $100,000 and instead experience a downturn, it might lead some Bitcoin ETF investors to reconsider gold, as suggested by the analyst.
The excessive flows recorded by Bitcoin ETFs could be a sign of “overenthusiasm.”
Read More
- EUR CAD PREDICTION
- EUR MYR PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
- XRP PREDICTION. XRP cryptocurrency
- GBP RUB PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- EUR ARS PREDICTION
- CHR PREDICTION. CHR cryptocurrency
2025-01-08 19:33