U.Today - Fundstrat expert Tom Lee has joined the team of CNBC’s Squawk Box hosts to talk about Bitcoin and gold. The latter reached a new all-time high at the beginning of April, while BTC only began to rise this Sunday.
However, while Lee is absolutely bullish on Bitcoin’s further price trajectory, the leading commodity expert of Bloomberg Intelligence, Mike McGlone, has shared a totally different view with his X followers today.
Bitcoin may now start catching up to gold, Lee says
While the main stock market indexes — the Nasdaq, S&P 500 and Dow Jones — are tumbling, Bitcoin has demonstrated a sudden increase today, rising by 3.44% and reaching above $87,700. That peak did not hold long, however, and by now BTC has rebounded a little but is still trading higher than $87,100.Since last Wednesday, by now, Bitcoin has demonstrated a rise of 4.56%. Lee believes that now that the deleveraging, when financial institutions were selling all they could sell, including Bitcoin, is gone from the market, BTC has high odds of catching up with gold. “There is a lot of room to catch up as a non-dollar asset,” Lee said.
When Bitcoin was stuck below $85,000, gold was moving up everyday, host Joe Kernen stated. He believes that gold may easily reach $4,000 per ounce soon. That deleveraging, Lee said, had been suppressing Bitcoin, particularly on the weekends.
Bitcoin to crash to $10,000, Mike McGlone predicts again
Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, has taken to the X platform to once again share an ultra-bearish forecast for Bitcoin and stocks since they are correlated.McGlone repeated the forecast he made earlier — he expects the world’s largest cryptocurrency to crash to the $10,000 level. He has predicted a deflationary recession, which means that the S&P 500 would collapse to 4,032, and crude oil might fall to $40 per barrel. Bitcoin, in this case, would lose one zero from $100,000 level, as McGlone said in one of his tweets published earlier this month.
Corn and copper would drop to $3 per bushel/pound in this bearish recession scenario. Right now, Bitcoin is changing hands at $87,500 after printing a large green candle on an hourly chart.