CandleFocus Bitcoin Loses Ground to Gold This 'Uptober': Mike McGlone
2024-10-23
Author: Content Editor
According to Mike McGlone, Chief commodity strategist of Bloomberg Intelligence, Bitcoin is underperforming gold despite the strong performance of the stock market. In October, the ratio of 1 Bitcoin to gold was 24 ounces, lower than previous ratios in March and 2021. McGlone suggests that this could mean Bitcoin may face challenges in the near future while the stock market remains high. He also mentions that Bitcoin is showing a correlation with the S&P 500, indicating that it is behaving more like a risky stock rather than a safe haven asset. McGlone suggests that Bitcoin's volatility needs to increase in order for its price to continue rising.
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