Bitcoin Outperforms Gold; New Supercycle Ahead

According to the latest reports, it seems that the fate of Bitcoin is going to be amazing. Check out the latest reports about the price of BTC below.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $28,324.

The online publication the Daily Hodl notes the fact that Bloomberg’s senior macro strategist Mike McGlone says that Bitcoin (BTC) vastly outperforming gold may be indicative of a new supercycle for BTC.

McGlone said recently that one of Bitcoin’s key advantages over gold is its low and rising adoption plus diminishing supply.

“Looking for a super cycle? Bitcoin Outperforms Commodities With Declining Risk – 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.”

The same online publication mentioned above noted the fact that he pits BTC against the KBW banking index, which tracks the leading banks and thrifts that are publicly traded in the US, and points out big divergent strength in favor of Bitcoin.

“Relative strength vs most assets may portend Bitcoin’s inflection toward global digital collateral and potential to trade more like gold, US Treasury bonds. Central banks still tightening despite plunging commodities and a Banking Crisis adds to severe economic-reset risks.”

A crypto strategist who correctly called Bitcoin’s (BTC) 2022 price floor thinks the king crypto may be one resistance level away from a fresh all-time high.

In a new strategy session, pseudonymous trader DonAlt said that Bitcoin looks really, really good on the monthly timeframe after taking out resistance at $24,000.

According to the popular trader, the breakout is Bitcoin’s first real sign of bullishness since November 2021, when BTC hit its all-time high of $69,000.

“[Bitcoin] hasn’t looked this good in a long, long time. Let’s be real right. When we look at the chart, we haven’t had any bullishness since the all-time high on the monthly. It’s been a complete sh*tshow. Every resistance did its job. There was really no bounce whatsoever. And technically speaking, if this monthly closes above resistance [around $24,000], that’s actually the confirmation of the breakout, the first bullish signal. I think that could run for a little bit.”