In the grand theater of financial folly, where the absurd often masquerades as wisdom, we find Mike McGlone, the chief oracle of commodities at Bloomberg Intelligence. This sage, who occasionally graces us with his musings on the titans of cryptocurrency—Bitcoin and Ethereum—has now turned his gaze upon the jester of the digital realm: Dogecoin.
With a flourish of his digital quill, McGlone has unveiled a rather dismal forecast for the original meme coin, a creature born of jest yet now ensnared in the web of speculation. His latest tweet, a veritable harbinger of doom, draws parallels between the current crypto landscape and the most notorious bubbles in the annals of financial history.
‘Dogecoin may show the risks of reversion’
In a moment of clarity, McGlone has once again likened the crypto circus to the grandest bubbles ever to grace the markets. Just weeks ago, he was drawing eerie comparisons between Bitcoin’s current plight and the catastrophic fall of the Nasdaq 100 in the year 2000, when it soared to dizzying heights of 4,700 points only to plummet to a mere 800, leaving a trail of shattered dreams in its wake.
Now, he invokes the specters of 1929 and 1999, epochs that birthed the Great Depression and the dot-com bubble crash, respectively. His latest proclamation suggests that Dogecoin has become ensnared in the throes of rampant speculation, poised precariously on the edge of a reversion, much like those risk-laden assets of yore.
Dogecoin, 1929, 1999 Risk-Asset Silliness and Gold – The ratio of #gold ounces equal to #Bitcoin trading almost tick-for-tick with #Dogecoin may show the risks of reversion in highly speculative #digitalassets, with #deflationary implications underpinning the metal.
Full report…— Mike McGlone (@mikemcglone11) March 21, 2025
In his latest missive, McGlone reveals that the ratio of gold to Bitcoin is eerily mirroring the price movements of Dogecoin. This ominous correlation may well signal a descent into the abyss for DOGE and its speculative brethren, including Bitcoin. As the tide recedes, one can only imagine the frantic scramble of investors as they withdraw their funds from the whimsical Dogecoin and Bitcoin, seeking refuge in the timeless embrace of gold.
Bitcoin may crash to $10,000 per McGlone
Earlier this month, McGlone, with the gravitas of a modern-day prophet, predicted that Bitcoin could plunge to a mere $10,000. He draws upon the haunting echoes of the dot-com bubble, a mere 25 years past, which culminated in the Nasdaq’s catastrophic fall, likening it to the bubble that now inflates around risk and speculative assets, including Bitcoin and the ever-volatile US stocks.
In a curious twist of fate, Ark Invest’s CEO, Cathie Wood, has recently taken the unprecedented step of reducing her holdings in Meta, a sign perhaps that even the most steadfast are beginning to question the wisdom of their investments.
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2025-03-21 15:56