Bitcoin Could Outpace Other Assets in the Second Half of the Year, Bloomberg Analyst Says
Bloomberg Intelligence analyst Mike McGlone believes that Bitcoin could play a similar role to Treasury bonds or gold and outperform other assets as it evolves into global collateral. McGlone asserted that Bitcoin could regain its tendency to outperform in the second half of the year. This is because many factors in the broader equity and commodity markets could “coincidence with crypto bottoming.
#Bitcoin may be regaining its propensity to outperform in 2H. The long #commodity unwind, #copper’s fastest decline since 2008 and the #bond future’s recovery from the steepest dip vs. its 50-week mean since the 1987 stock crash, all coming amid an aggressive #FederalReserve pic.twitter.com/AFORcHzJhG
— Mike McGlone (@mikemcglone11) July 25, 2022
In another tweet, McGlone asserted that the “lowest-ever Bitcoin volatility vs. the Bloomberg Commodity Index (BCOM) may indicate crypto’s better performance.
The lowest-ever #Bitcoin volatility vs. the Bloomberg #Commodity Index (BCOM) may portend a resumption of the crypto’s propensity to outperform. Our graphic showing the elongated upward trajectory of Bitcoin’s price vs. the BCOM is typical compared with most assets. pic.twitter.com/vufd4qouVj
— Mike McGlone (@mikemcglone11) July 25, 2022
Source: The Pipsafe Team -Latest Bitcoin news
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