{"id":19045,"date":"2023-03-23T01:23:00","date_gmt":"2023-03-23T01:23:00","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-supercycle-may-be-happening-says-commodity-strategist-mike-mcglone-markets-and-prices-bitcoin-news\/"},"modified":"2023-03-23T01:23:00","modified_gmt":"2023-03-23T01:23:00","slug":"bitcoin-supercycle-may-be-happening-says-commodity-strategist-mike-mcglone-markets-and-prices-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-supercycle-may-be-happening-says-commodity-strategist-mike-mcglone-markets-and-prices-bitcoin-news\/","title":{"rendered":"Bitcoin Supercycle May Be Happening, Says Commodity Strategist Mike McGlone \u2013 Markets and Prices Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Bloomberg Intelligence senior commodity strategist Mike McGlone has explained that a supercycle may be happening in bitcoin, noting that the cryptocurrency is beating gold by almost 10 times so far this year. The strategist added <\/strong>that if past trends hold, bitcoin\u2019s volatility is more likely to recover compared to commodities when the crypto \u201cheads toward new highs.\u201d<\/strong><\/p>\n

Bitcoin\u2019s Supercycle<\/h2>\n

Mike McGlone, a senior commodity strategist for Bloomberg Intelligence (BI), the research arm of Bloomberg, explained on Twitter Tuesday that a supercycle may be happening in bitcoin. He tweeted:<\/p>\n

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Looking for a super cycle? Bitcoin outperforms commodities with declining risk \u2014 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.<\/p>\n<\/blockquote>\n

\"Bitcoin
Chart showing bitcoin\u2019s upward trajectory shared by Mike McGlone. Source: Bloomberg Intelligence<\/figcaption><\/figure>\n

The strategist explained that a benefit bitcoin (BTC<\/a>) has over most commodities is its \u201cnascent stage of low and rising adoption vs. diminishing supply.\u201d<\/p>\n

Referencing the chart titled \u201cElongated Bitcoin Upward Trajectory Gaining Fuel,\u201d shown above, McGlone noted that the elongated upward trajectory of BTC<\/a>\u2019s price compared to the Bloomberg Commodity Spot Index is \u201ctypical compared with most assets.\u201d However, he pointed out, \u201cWhat\u2019s unique relative to commodities is the 260-day volatility of bitcoin bottoming from a new low,\u201d adding:<\/p>\n

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If past trends hold, the crypto\u2019s volatility is more likely to recover vs. commodities when bitcoin heads toward new highs.<\/p>\n<\/blockquote>\n

The Bloomberg Intelligence strategist explained last week why he expects BTC<\/a> to continue to outperform gold and the stock market. \u201cFacing the Federal Reserve, inflation, and war, 2022 may be primed for risk-asset reversion and mark another milestone in bitcoin\u2019s maturation,\u201d he tweeted Friday. \u201cIt\u2019s unlikely for bitcoin to stop outperforming gold, stock market amid bumps in the road as the Fed attempts another rate-hike cycle,\u201d McGlone opined.<\/p>\n

In a different tweet posted Saturday, he commented on how recent failures of major banks, including Silicon Valley Bank and Signature Bank, affected bitcoin. The strategist detailed:<\/p>\n

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Banking issues may define bitcoin, crypto dollars \u2014 Bitcoin may be progressing to trade more like U.S. Treasury long bonds and gold as banks come under stress on the back of the bond-price collapse. Bitcoin sustaining above $25,000 is a clear sign of divergent strength.<\/p>\n<\/blockquote>\n

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BI<\/a>, bitcoin beating gold<\/a>, bitcoin super cycle<\/a>, bitcoin supercycle<\/a>, bitcoin vs commodities<\/a>, Bitcoin vs gold<\/a>, Bloomberg Intelligence<\/a>, BTC beating gold<\/a>, BTC super cycle<\/a>, BTC vs gold<\/a>, commodity strategist<\/a>, crypto super cycle<\/a>, Mike McGlone<\/a>, Mike McGlone bitcoin super cycle<\/a><\/div>\n<\/div>\n

Do you think a supercycle is happening in bitcoin? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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