It’s been revealed that Bitcoin could be surging 100 times the price of gold in the future. Check out the latest reports about all this.
Mike McGlone said that the price of Bitcoin could shoot past the price of an ounce of gold – by around 100 times.
Recently, McGlone said that based on technical analysis, the king coin could keep appreciating relative to gold.
“Bitcoin may be more than a digital version of gold. A potential path for the Bitcoin price is to stabilize around 100x an ounce of gold and for volatility to resume its downward trajectory, if past patterns repeat,” he said.
He continued and explained: “Our graphic depicts a good reason the crypto price could keep advancing relative to the metal, as 260-day Bitcoin volatility appears in early recovery from reaching the lowest ever vs. gold in December.”
He also said: “At the end of 2016, this relative risk measure formed a similar bottom, as the Bitcoin-to-gold ratio breached 1x resistance on the way to 10x in 2017.”
One ounce of gold is currently trading at slightly over $1,800.
At the moment of writing this article, BTC is trading in the green and the coin is priced at $32,879.68.
H2 2021 will be different for the crypto space
He also made sure to point out the fact that the second half of this year will be different from the first one for the crypto market.
“The crypto market is likely entering a more adult stage in 2H, and we see Bitcoin regaining luster,” he said.
He explained: “Excesses of 1H, as exemplified by Dogecoin, have been alleviated, and the mainstream migration trend appears quite strong, especially if exchange-traded funds in Canada and the elongated waiting list in the U.S. are a guide.”
Check out the complete notes and find out everything that he had to say about the price of BTC and the whole crypto market.