Bitcoin Supercycle May Be Happening, Says Commodity Strategist Mike McGlone

0 8

Bitcoin 'Super Cycle' May Be Happening, Says Commodity Strategist Mike McGlone

knife

Bloomberg Intelligence senior commodity strategist Mike McGlone has explained that a supercycle may be happening in bitcoin, noting that the cryptocurrency is beating gold by almost 10 times so far this year. The strategist added that if past trends hold, bitcoin’s volatility is more likely to recover compared to commodities when the crypto “heads toward new highs.”

Bitcoin’s Supercycle


Mike McGlone, a senior commodity strategist for Bloomberg Intelligence (BI), the research arm of Bloomberg, explained on Twitter Tuesday that a supercycle may be happening in bitcoin. He tweeted:

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 strategist explained that a benefit bitcoin (BTC) has over most commodities is its “nascent stage of low and rising adoption vs. diminishing supply.”

Referencing the chart titled “Elongated Bitcoin Upward Trajectory Gaining Fuel,” shown above, McGlone noted that the elongated upward trajectory of BTC’s price compared to the Bloomberg Commodity Spot Index is “typical compared with most assets.” However, he pointed out, “What’s unique relative to commodities is the 260-day volatility of bitcoin bottoming from a new low,” adding:

If past trends hold, the crypto’s volatility is more likely to recover vs. commodities when bitcoin heads toward new highs.




The Bloomberg Intelligence strategist explained last week why he expects BTC to continue to outperform gold and the stock market. “Facing the Federal Reserve, inflation, and war, 2022 may be primed for risk-asset reversion and mark another milestone in bitcoin’s maturation,” he tweeted Friday. “It’s unlikely for bitcoin to stop outperforming gold, stock market amid bumps in the road as the Fed attempts another rate-hike cycle,” McGlone opined.

In a different tweet posted Saturday, he commented on how recent failures of major banks, including Silicon Valley Bank and Signature Bank, affected bitcoin. The strategist detailed:

Banking issues may define bitcoin, crypto dollars — Bitcoin may be progressing to trade more like U.S. Treasury long bonds and gold as banks come under stress on the back of the bond-price collapse. Bitcoin sustaining above $25,000 is a clear sign of divergent strength.


Do you think a supercycle is happening in bitcoin? Let us know in the comments section below.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 69,985.75
ethereum
Ethereum (ETH) $ 3,538.78
tether
Tether (USDT) $ 0.999688
bnb
BNB (BNB) $ 614.35
solana
Solana (SOL) $ 188.23
xrp
XRP (XRP) $ 0.635749
staked-ether
Lido Staked Ether (STETH) $ 3,525.44
usd-coin
USDC (USDC) $ 0.997718
dogecoin
Dogecoin (DOGE) $ 0.214622
cardano
Cardano (ADA) $ 0.662919
avalanche-2
Avalanche (AVAX) $ 53.72
shiba-inu
Shiba Inu (SHIB) $ 0.000031
the-open-network
Toncoin (TON) $ 5.09
polkadot
Polkadot (DOT) $ 9.75
bitcoin-cash
Bitcoin Cash (BCH) $ 614.08
chainlink
Chainlink (LINK) $ 19.22
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 70,115.79
tron
TRON (TRX) $ 0.120506
uniswap
Uniswap (UNI) $ 12.86
matic-network
Polygon (MATIC) $ 0.998937
internet-computer
Internet Computer (ICP) $ 17.60
litecoin
Litecoin (LTC) $ 105.68
near
NEAR Protocol (NEAR) $ 7.08
aptos
Aptos (APT) $ 17.25
leo-token
LEO Token (LEO) $ 6.04
filecoin
Filecoin (FIL) $ 10.17
blockstack
Stacks (STX) $ 3.60
ethereum-classic
Ethereum Classic (ETC) $ 34.40
dai
Dai (DAI) $ 0.999323
cosmos
Cosmos Hub (ATOM) $ 12.50
arbitrum
Arbitrum (ARB) $ 1.64
immutable-x
Immutable (IMX) $ 3.04
render-token
Render (RNDR) $ 10.96
stellar
Stellar (XLM) $ 0.143662
crypto-com-chain
Cronos (CRO) $ 0.154777
hedera-hashgraph
Hedera (HBAR) $ 0.116795
okb
OKB (OKB) $ 64.21
mantle
Mantle (MNT) $ 1.18
the-graph
The Graph (GRT) $ 0.400454
dogwifcoin
dogwifhat (WIF) $ 3.74
optimism
Optimism (OP) $ 3.67
bittensor
Bittensor (TAO) $ 539.28
vechain
VeChain (VET) $ 0.046558
fetch-ai
Fetch.ai (FET) $ 3.15
pepe
Pepe (PEPE) $ 0.000008
injective-protocol
Injective (INJ) $ 37.08
maker
Maker (MKR) $ 3,534.82
kaspa
Kaspa (KAS) $ 0.139945
thorchain
THORChain (RUNE) $ 8.98
theta-token
Theta Network (THETA) $ 2.96
fantom
Fantom (FTM) $ 0.992323
arweave
Arweave (AR) $ 40.96
celestia
Celestia (TIA) $ 14.89
lido-dao
Lido DAO (LDO) $ 2.87
first-digital-usd
First Digital USD (FDUSD) $ 0.999725
gala
GALA (GALA) $ 0.065828
monero
Monero (XMR) $ 133.49
sui
Sui (SUI) $ 1.96
floki
FLOKI (FLOKI) $ 0.000242
algorand
Algorand (ALGO) $ 0.279858
sei-network
Sei (SEI) $ 0.841361
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,902.57
flow
Flow (FLOW) $ 1.37
quant-network
Quant (QNT) $ 137.17
aave
Aave (AAVE) $ 129.08
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,629.01
bitcoin-sv
Bitcoin SV (BSV) $ 96.64
beam-2
Beam (BEAM) $ 0.035378
conflux-token
Conflux (CFX) $ 0.48133
bonk
Bonk (BONK) $ 0.000027
wrapped-eeth
Wrapped eETH (WEETH) $ 3,660.78
jupiter-exchange-solana
Jupiter (JUP) $ 1.28
singularitynet
SingularityNET (AGIX) $ 1.32
elrond-erd-2
MultiversX (EGLD) $ 61.36
dydx-chain
dYdX (DYDX) $ 3.52
axie-infinity
Axie Infinity (AXS) $ 11.30
havven
Synthetix Network (SNX) $ 4.89
the-sandbox
The Sandbox (SAND) $ 0.709799
ribbon-finance
Ribbon Finance (RBN) $ 1.68
starknet
Starknet (STRK) $ 2.19
bittorrent
BitTorrent (BTT) $ 0.000002
gatechain-token
Gate (GT) $ 10.46
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,538.31
ethena-usde
Ethena USDe (USDE) $ 0.999645
bitget-token
Bitget Token (BGB) $ 1.00
tezos
Tezos (XTZ) $ 1.42
ecash
eCash (XEC) $ 0.00007
ordinals
ORDI (ORDI) $ 64.64
worldcoin-wld
Worldcoin (WLD) $ 8.28
pyth-network
Pyth Network (PYTH) $ 0.899615
mina-protocol
Mina Protocol (MINA) $ 1.24
chiliz
Chiliz (CHZ) $ 0.148708
eos
EOS (EOS) $ 1.13
apecoin
ApeCoin (APE) $ 2.05
ondo-finance
Ondo (ONDO) $ 0.896543
flare-networks
Flare (FLR) $ 0.034668
axelar
Axelar (AXL) $ 2.08
decentraland
Decentraland (MANA) $ 0.680186
ronin
Ronin (RON) $ 4.14
akash-network
Akash Network (AKT) $ 5.33