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 Oudollarsook, McGlone says that based on technical analysis, the flagship cryptocurrency could continue to rise relative to 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. This measure of relative risk created a similar bottom as the Bitcoin-gold ratio broke the 1x resistance at the end of 2016, while the Bitcoin-gold ratio increased 10x in 2017.”
McGlone had previously made accurate predictions for BTC. McGlone stated in his predictions 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 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, gold is trading just above the $1,800 level. Bloomberg Crypto Oudollarsook also states that the second half of 2021 may be different compared to the first half for the cryptocurrency market. In the bulletin, McGlone states:
The cryptocurrency market is probably entering a more adult phase in the second half and we are seeing BTC regain its shine. 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, appears to be trading at lows given a bull market,” McGlone said. 2,000-4 for a while. It can consolidate between $ 000. ETH, similar to BTC in 2017, removes excessive speculation, while increases in address used reflect the rapid digitalization of money.
McGlone also said, “BTC started 2017 around $1,000 and peaked at just under $20,000. Ethereum 2,000-4 from May to roughly October. It could stay in the $ 000 range and maintain a 2017 Bitcoin-like flight plan. ” said.
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