Bitcoin and known for his analysis of cryptocurrencies Mike McGlone, Bloomberg’s senior commodities analyst He made a new post from his X account.
In this post, McGlone Bitcoin and gold compared them and examined how they would perform in 2024.
At this point, the analyst explains his opinion on whether gold can surpass Bitcoin, the largest cryptocurrency by market value, in 2024. “gold may outperform Bitcoin in 2024” He claimed.
Is Gold Poised to Beat Bitcoin in 2024? Great Reset Leanings – #gold may have an upper hand in 2024 etc. hyped #Bitcoin on the expected launch of US ETFs. The crypto led most risk assets down in 2022 and up in 2023, which could portend Bitcoin’s high market-beta status etc. the… pic.twitter.com/WpUpk2HWK5
— Mike McGlone (@mikemcglone11) January 4, 2024
At this point, the analyst points out that there is a downward return area in risky assets. “This reversal may signal a delayed Bitcoin-gold crossover.” said.
McGlone also stated that gold prices increased in other currencies other than the dollar and said that the central banks of most countries accumulate gold.
“A bearish reversal area in risky assets could be signaling a delayed Bitcoin-gold crossover.
The number of Bitcoins equal to one ounce of gold, which was around 21x on January 3, is well below the 37x peak in 2021.
In addition, while the gold price continued to increase at a record level in dollar terms, it also started to rise against other currencies. Because the central banks of most countries accumulate gold.
Despite the anticipated spot Bitcoin ETF launch as gold continues to rise, Bitcoin, at around $42,000 on January 3, continues to trade well below its 2021 high of $68,992.”
Bitcoin/Gold Does Guide Risk Assets in 2024 – The room for downward reversion in risk assets is what a lagging #Bitcoin-to-#gold cross may be sniffing out. At about 21x on Jan. 3, the number of Bitcoins to equal an ounce of gold is well below the 37x peak in 2021, despite the… pic.twitter.com/jyzm1yarGA
— Mike McGlone (@mikemcglone11) January 4, 2024
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!