Crypto has ‘inklings of the dot-com bubble,’ warns commodity strategist
Bloomberg Intelligence senior commodity strategist Mike McGlone has warned that the cryptocurrency market could be approaching a tipping point similar to the 2000 Dot-com bubble. In issuing his cautionary note, McGlone based his Analysis on the relationship between Bitcoin (BTC) and gold, stating that the precious metal’s recent ability to outperform the S&P 500—despite competition from the maiden digital asset—could signal the start of a broader market pullback, he said in an X post on February 7. Bitcoin and gold cross chart. Source: Bloom Intelligence It’s worth noting that gold has resumed its bullish momentum from 2024, recently hitting new highs above the $2,800 spot price in search of another record high at $3,000. Picks for you Michael Saylor’s Strategy: Selling Bitcoin merch, but not for BTC ...