{"id":18999,"date":"2023-03-21T21:50:06","date_gmt":"2023-03-21T21:50:06","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/macro-strategist-says-bitcoin-could-be-in-a-supercycle\/"},"modified":"2023-03-21T21:50:06","modified_gmt":"2023-03-21T21:50:06","slug":"macro-strategist-says-bitcoin-could-be-in-a-supercycle","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/macro-strategist-says-bitcoin-could-be-in-a-supercycle\/","title":{"rendered":"Macro strategist says Bitcoin could be in a supercycle"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1679427620384-65af0c11-63e7-4835-9d0d-d03fa6440620-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1679427620384-65af0c11-63e7-4835-9d0d-d03fa6440620-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1679427620384-65af0c11-63e7-4835-9d0d-d03fa6440620-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1679427620384-65af0c11-63e7-4835-9d0d-d03fa6440620-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li dir=\"ltr\">Bitcoin is outperforming commodities and gold so far in 2023, with BTC showing a 10x outperformance of the precious metal.<\/li>\n<li dir=\"ltr\">Mike McGlone, a senior macro strategist at Bloomberg Intelligence, says Bitcoin could be in a new super cycle.<\/li>\n<li dir=\"ltr\">He earlier noted BTC above $25,000 demonstrated the cryptocurrency\u2019s divergent strength.<\/li>\n<\/ul>\n<p dir=\"ltr\">Mike McGlone, a senior macro strategist at Bloomberg Intelligence, has noted that the crypto sector could be looking at a new super cycle amid <a href=\"https:\/\/coinjournal.net\/bitcoin\/\">bitcoin<\/a>\u2019s outperformance of commodities.<\/p>\n<p dir=\"ltr\">According to the analyst, Bitcoin (BTC) is so far beating top performing commodity asset gold in 2023, with BTC up nearly 10x more to suggest the flagship <a href=\"https:\/\/coinjournal.net\/cryptocurrencies\/\">cryptocurrency<\/a> may be in a super cycle. BTC price is up 79% year-to-date at the time of writing. Comparatiely, gold price has only gained 5.8% YTD, currently poised around $1,942.\u00a0<\/p>\n<p dir=\"ltr\">McGlone shared the outlook in comments <a href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1638196825109700609\" rel=\"noopener noreferrer\" target=\"_blank\">shared<\/a> via Twitter on Tuesday, his view of the market coming as bitcoin price continued to hover above $28,000.\u00a0<\/p>\n<p dir=\"ltr\">\u201c<em>Looking for a super cycle? Bitcoin Outperforms Commodities With Declining Risk \u2013 Bitcoin beating gold, the top-performing old-guard commodity in 2023 to March 20, by almost 10x may be indicative of a super cycle happening in the crypto<\/em>,\u201d the Bloomberg strategist stated.<\/p>\n<h2 dir=\"ltr\">Bitcoin\u2019s divergent strength<\/h2>\n<p dir=\"ltr\">According to McGlone, Bitcoin has one advantage over most commodities \u2013 its \u201c<em>nascent stage of low and rising adoption<\/em>\u201d as well as diminishing supply. He observes that BTC shows an elongated upward trajectory in terms of its price when compared to the Bloomberg Commodity Spot Index.<\/p>\n<p dir=\"ltr\">The outlook is similar across most assets and that despite a bottoming out of the 260-day volatility relative to commodities, Bitcoin is likely to recover vastly versus the asset class as bulls eye new highs.<\/p>\n<p dir=\"ltr\">As for the latest spike in Bitcoin price, the analyst points to the banking crisis and the issues around fractional reserves. In his view, such concerns are likely to be \u201c<em>shining a light<\/em>\u201d on Bitcoin\u2019s attributes. On what could happen next for BTC, he opined:<\/p>\n<p dir=\"ltr\">\u201c<em>Relative strength vs. most assets may portend Bitcoin\u2019s inflection toward global digital collateral and potential to trade more like gold [and] US Treasury bonds. Central banks still tightening despite plunging commodities and a banking crisis adds to severe economic-reset risks<\/em>.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Relative strength vs most assets may portend <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>&#8216;s inflection toward global digital collateral and potential to trade more like <a href=\"https:\/\/twitter.com\/hashtag\/gold?src=hash&amp;ref_src=twsrc%5Etfw\">#gold<\/a>, US Treasury <a href=\"https:\/\/twitter.com\/hashtag\/bonds?src=hash&amp;ref_src=twsrc%5Etfw\">#bonds<\/a>. Central banks still tightening despite plunging <a href=\"https:\/\/twitter.com\/hashtag\/commodities?src=hash&amp;ref_src=twsrc%5Etfw\">#commodities<\/a> and a <a href=\"https:\/\/twitter.com\/hashtag\/BankingCrisis?src=hash&amp;ref_src=twsrc%5Etfw\">#BankingCrisis<\/a> adds to severe economic-reset risks <a href=\"https:\/\/t.co\/OhZOnbbbNw\">pic.twitter.com\/OhZOnbbbNw<\/a><\/p>\n<p>\u2014 Mike McGlone (@mikemcglone11) <a href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1638142549939429379?ref_src=twsrc%5Etfw\">March 21, 2023<\/a><\/p>\n<\/blockquote>\n<p dir=\"ltr\">Last week, McGlone <a href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1637044390672711682\" rel=\"noopener noreferrer\" target=\"_blank\">pointed<\/a> to the events in the finance and banking industry as a factor that could aid Bitcoin\u2019s march towards becoming more of a hedge asset. Continuing weakness in the banking ecosystem portended a scenario where the benchmark cryptocurrency eventually trades like gold and US Treasury long bonds.<\/p>\n<p dir=\"ltr\">Bitcoin\u2019s resilience above $25,000 would be an indicator of its divergent strength, he added.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bloomberg-analyst-crypto-supercycle-likely-on-as-btc-outperforms-gold\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bitcoin is outperforming commodities 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 Bitcoin could be in a new super cycle. He earlier noted BTC above [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":19000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18999"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=18999"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18999\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/19000"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=18999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=18999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=18999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}