Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence said in the February 2021 edition of Bloomberg’s Crypto Outlook report:
“Bitcoin’s price-discovery stage points to the next threshold vs. gold, around 100x an ounce, as its upward trajectory has legs. The benchmark crypto was initially capped at 1x until 2017. Then 10x until December as the dichotomy between the Bitcoin haves and have-nots quickly narrows.”
“Absent a major technology glitch, old-guard gold allocators are primarily at risk if the crypto becomes a reserve asset and Bitcoin as 1-5% of one’s investable assets becomes increasingly prudent. About $30,000 is Bitcoin’s support level vs. $50,000 initial target resistance. The broader crypto market is more speculative and increasingly subject to Bitcoin,” he added.
