- Bitcoin is outperforming the commodity and gold so far in 2023, with BTC showing a 10x outperformance of the precious metal.
- Mike McGlone, a senior macro strategist at Bloomberg Intelligence, says that bitcoin could be in a new supercycle.
- He previously held BTC above $25,000 to demonstrate the cryptocurrency’s varying strength.
Mike McGlone, a senior macro strategist at Bloomberg Intelligence, notes that the crypto sector could be looking in the midst of a new super cycle. BitcoinBetter display of items.
Bitcoin (BTC) is outperforming gold, the top performing commodity asset so far in 2023, according to analyst, with BTC up by almost 10 times to suggest the flagship. cryptocurrency Could be in a super cycle. BTC price is up 79% year-to-date at the time of writing. By comparison, gold has gained only 5.8% in price, currently hovering around $1,942.
McGlone shared the approach in the comments. shared Via Twitter on Tuesday, his view of the market to come as the bitcoin price continued to hover above $28,000.
,Looking for a Supercycle? Bitcoin Outperforms Commodities With Declining Risk – Bitcoin outperforms gold, the top-performing old-guard commodity, by nearly 10x in 2023 March 20 Could be a sign of a super cycle occurring in crypto,” said the Bloomberg strategist.
Bitcoin’s Differentiating Power
According to McGlone, bitcoin has one advantage over most commodities – its “nascent stage of low and rising adoptionas well as decreasing supply. He observes that BTC shows an extended upward trajectory in terms of its price compared to the Bloomberg Commodity Spot Index.
The outlook for most assets is similar and despite falling below 260-day volatility relative to the commodity, bitcoin is likely to recover in a big way versus the asset class as bulls eye new highs.
As for the latest spike in bitcoin price, analysts point to the banking crisis and issues of fractional reserves. In his view, such concerns are likely toa light is shiningOn the characteristics of bitcoin. He opined on what could be next for BTC:
,Relative Strength vs Majority Assets May Illustrate Bitcoin’s Tilt Towards Global Digital Collateral and Ability to Trade Like Gold [and] US Treasury Bonds. Central banks are still tightening despite falling commodities and a banking crisis adds to dire economic-recovery risks,
Relative strength vs. most assets can foreshadow #bitcoinShift to global digital collateral and the ability to trade more #SleepU.S. Treasury #bond, Despite sinking, central banks are still tightening #Goods and a #banking crisis Adds to severe economic-reset risks pic.twitter.com/OhZOnbbbNw
— Mike McGlone (@MikeMcGlone11) March 21, 2023
Last week, McGlone spiked Events in the finance and banking industry as a factor that could aid bitcoin’s march towards becoming a hedge asset. The continued weakness in the banking ecosystem painted a scenario where the benchmark cryptocurrency eventually trades like gold and US Treasury long bonds.
He added that bitcoin’s resilience above $25,000 would be an indicator of its divergent strength.