Bloomberg Intelligence, senior macro strategist Mike McGlone warns that the powerful performance of gold may be a negative signal for Bitcoin (BTC) and other risky assets.
Performance of gold
McGlone says gold performs above expectations in the markets. This shows that investors direct their reserves as the preferred port of the preferred port among the worries of the worsening macroeconomic conditions.
“Compared to the bottom of Bitcoin and Beta, the problem may not be a good sign for risky assets. In particular, with the uncertainty and encouragement of the Trump administration, I think that metal should be heated because of the risks of high speculative digital assets, but to tell us something. ”
McGlone believes that Bitcoin’s remaining over $ 100,000 can be decisive factor whether the crypto asset will remain in the rise trend.
“Bitcoin needs to remain over $ 100,000. Otherwise, gold and Bitcoin may reach resistance levels due to similar rise trends in the bottom of 2022. Most importantly, there may be a relationship between crypto and $ 100,000. If Bitcoin withdraws, this will be the signal of something larger for the crypto market. ”
There is a significant difference between Gold’s performance in ETF export process and BTC performance. Although it is much more risky, BTC has only entered billions of dollars in Blackrock ETF. IBIT reached $ 50 billion.
Market values
McGlone says that the ratio between the market value of the US stock exchange and the Gross Domestic Product (GDP) and the ratio of Bitcoin to the US GDP is much higher than in 2017, when Trump took first task. This indicates that market summits may be close.
At the beginning of 2017, with the market value of the US stock market, the GDP ratio was about 1.2x, while the crypto was at $ 1,000. By 2025, the stock exchanges reach a level of 2.2x GDP and Bitcoin to a 100 -fold increase in $ 100,000.
However, the on-achain indicators used for summit detection such as MVRV-Z do not think of the same thing as it.
As a result, the strong performance of gold in the market can be considered as a potential warning sign for Bitcoin and other risky assets. Investors are recommended to follow these developments carefully.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
