Mike McGlone, senior commodity strategist at Bloomberg Intelligence, believes that the price of Bitcoin could exceed the price of an ounce of gold by about 100 times. In the July 2021 issue of the monthly cryptocurrency newsletter Bloomberg Crypto Outlook, McGlone says that based on technical analysis, the leading cryptocurrency could continue to gain more ground than the precious metal.
McGlone: Bitcoin is much more than a digital version of gold
In the new newsletter, McGlone said, “Bitcoin can be much more than a digital version of gold. One potential path for bitcoin price is to stabilize by about 100 times as much as an ounce of gold, and volatility continues to trend downward if past patterns repeat. This suggests that the crypto price may continue to move forward relative to the precious metal, as our chart appears to be rebounding after 260-day Bitcoin volatility hit its lowest ever level against gold in December. At the end of 2016, this relative risk measure created a similar base as the Bitcoin-gold ratio broke the 1x resistance while it was 10x in 2017.”
McGlone has previously made truthful assumptions about BTC. McGlone stated in his assumptions for 2021 that BTC will reach $ 50,000. Cryptocoin. com, as we have previously reported, Bitcoin exceeded $ 50,000 during this time. In addition, the analyst had said and knew that the leading cryptocurrency would see $10,000 in the first months of 2020.
Analyst: BTC looks pretty strong
At the time of writing, an ounce of gold is trading just above the $1,800 level. Bloomberg Crypto Outlook also states that the second half of 2021 may be different compared to the first half for the cryptocurrency market. In the bulletin, McGlone uses these words:
The cryptocurrency market is probably entering a more adult phase in the second half and we see BTC gaining its shine again. As exemplified by Dogecoin, first-half excesses have eased and the mainstream trend looks pretty strong.
Ethereum comment from Bloomberg strategist
The monthly newsletter adds that with the increasing adoption of Ethereum, the second-largest cryptocurrency by market cap could follow the 2017 trajectory of Bitcoin. He adds that this is a bullish sign. “Ethereum, which is sought after for cryptocurrencies and decentralized finance, seems to be trading from lows, given a bull market. 2,000-4 for a while. It could consolidate in the middle of 000 dollars. ETH, similar to BTC in 2017, removes much speculation, while increases in the address used reflect the rapid digitalization of money.
McGlone further stated, “BTC started 2017 around $1,000 and quickly peaked below $20,000. Ethereum 2,000-4 from May to roughly October. It can stay in the $ 000 range and maintain a flight plan like 2017 Bitcoin. ” said.
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