BTC is set to outperform gold and initiate a potential bullish | OnwardBTC | simple trading
BTC is set to outperform gold and initiate a potential bullish surge, according to Bloomberg's lead commodity strategist Mike McGlone.
He says that BTC is currently four times more volatile than gold, which is minuscule compared to where it was in 2018. McGlone also compares BTC to Tesla stock, as the two assets are often grouped together by analysts as similar plays on innovative technology.
Technical and on-chain analysis show that the main resistance for BTC is between the 0.5 and 0.618 Fibonacci levels, between $18.5K and $19.1K. Whales continue to allocate their assets, indicating that they believe in the long-term potential of BTC.
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