Bloomberg commodity strategist Mike McGlone has shared his pessimistic prediction for golds short term outlook. With an outlook comparing trends in gold and Bitcoin, drawing a conclusion that gold is likely “ready for a nap”.
McGlone proclaims that regardless of golds momentum rekindling in March, he believes it likely to enter another phase he refers to as an “extended rest period.” According to McGlone, the challenges that will tests golds resilience and growth this year will be “Good resistance and the relatively new-comer Bitcoin.”
As recounted by BTC PEERS, gold has been on a gradual decline since August last year. It has dropped to under $1,700 per ounce at present.
Bitcoin’s price on the other hand, is surging. McGlone had earlier tweeted that investors were casting aside gold in favour of Bitcoin. As a result, the pioneering cryptocurrency is increasingly pushing the narrative of a possible store of value and help curb against inflation.
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