Per his tweet, Bitcoin is underperforming gold so far.
In October, which crypto traders prefer to optimistically call “Uptober”, 1 Bitcoin became valued in 24 ounces of gold as the precious metal soared to an all-time high for the first time in four years: $2,713.88 per ounce. This is ratio is lower than it was in March (34 ounces per 1 BTC) and even lower than in 2021 when 1 Bitcoin could be bought with 37 ounces of gold.
McGlone says that it could mean that Bitcoin may face headwinds in the near future, especially since the stock market remains at a relatively high level, while BTC is falling back.
As reported by U.Today recently, Bitcoin advisor to El Salvador’s president Nayib Bukele Max Keiser stated that he believes the world’s largest crypto is likely to finally reach the $220,000 level soon because gold, which is also a safe haven, has reached the above-mentioned historic peak.
Mentioning that Bitcoin’s and copper’s Betas need to increase, McGlone hints that Bitcoin’s volatility needs to stage a big increase if BTC wants to carry on growing in price.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
