Gold Could Outperform Bitcoin Soon

It’s been just revealed that gold could outperform Bitcoin soon, according to the latest reports. Check out the new predictions below.

According tot he latest reports, it’s been revealed the fact that Bloomberg Intelligence’s senior macro strategist Mike McGlone is forecasting that Bitcoin (BTC) could fare worse than gold in case of an economic recession in the US.

McGlone says that the precious metal would have an “advantage” over the flagship crypto asset in the event of the US falling into a recession.

He said the fact that gold has demonstrated an upward trajectory over the past two years while Bitcoin trended downwards.

“Trends, recession could favor gold vs. Bitcoin – momentum and the tilt toward a US recession may give gold an advantage over Bitcoin in 2023, notably if the stock market declines. The metal moving upward vs. declines for the crypto is the current trajectory on a 100-week basis.”

He also believes that Bitcoin could turn the tide if it appreciates and stays above the $30,000 key psychological level.

He continued and also stated that Bitcoin is in a vulnerable position as it’s more highly correlated to equities and risk assets, which are under pressure.

“Bitcoin sustaining above $30,000 resistance would be an initial indication of the tide turning for all cryptos, but the ceiling appears to be strengthening as of May 2nd. It’s the higher correlation to the stock market and risk assets vs. gold that we see placing Bitcoin in a vulnerable position at the start of May.”

Macro Investor Bert Dohmen just issued a dire warning on the future of the US and global economy.

In a new interview with Stansberry Research, the founder of Dohmen Capital Research says anyone who believes the banking crisis is over is engaged in wishful thinking. Check out our previous article in order to learn more details about this.