McGlone remains bearish on Bitcoin as the leading cryptocurrency keeps struggling
The famed analyst has noted that the Bitcoin-to-gold ratio has breached the critical uptrend line from the 2022 trough. Now that this major technical support level has failed, the lustrous metal is likely to continue outperforming the digital upstart, according to McGlone.
Crypto Market Prediction: Shiba Inu's Zero Finally Added, Ethereum to Recover at $3,550? Bitcoin $100,000 Free Gold has so far had a banner year, recently surpassing the $4,300 level for the first time. It is on track to score its best annual performance since 1979. The traditional safe-haven asset is benefiting from significant demand from central banks and institutional investors amid concerns about fiat currency debasement and geopolitical uncertainty. Meanwhile, Bitcoin recently endured a severe crash due to trade tensions between the US and China, as well as concerns about the regional banking sector in the US. The cryptocurrency has so far failed to perform as a safe haven asset, trading mostly in tandem with equities. However, Bitcoin has somehow managed to underperform even the flagship S&P 500 index. The Bloomberg analyst, who used to be a Bitcoin bull, has been aggressively advocating for betting on gold against the leading cryptocurrency over the past year or so. with his bearishness earlier this year, predicting that Bitcoin might plunge to $10,000. The price target is extremely unrealistic, even for the most delusional bears.
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