Bitcoin has risen to rarely seen price highs, currently stalling between $17,000 and $18,500 before deciding on its next move. Gold recently broke all-time U.S.-dollar price highs, before pulling back and consolidating in price and Bloomberg Intelligence strategist Mike McGlone thinks the same could happen with BTC.
McGlone: “Short term, $20,000 is pretty good resistance. I’m afraid it’s probably going to do what gold did. It got to $2,000, and then that’s been consolidating in a bull market since.”
“The key thing about Bitcoin this year is very simple, it just added a one to the front of the number. Remember, it was around $7,000 at the end of last year. What I’m worried about, if you look at the past performance, which is potentially indicative of the future, next year or two could add a zero to the back of the number.”
McGlone also spoke on other points including Bitcoin’s price swings noting that it has become less volatile and that it’s “the lowest ever versus gold.”
He also explained low Bitcoin volatility against the Nasdaq, a common mainstream market barometer, saying that “Every other risk asset on the planet, volatility has been increasing, Bitcoin has been declining.”
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