Mike McGlone, chief strategist at Bloomberg Intelligence, hinted . To what form the trend between both originals may be in 2024.
Bitcoin (BTC) against gold in 2024 while the growth potential of bitcoin is high next year . The Bloomberg strategist will not rule out the possibility of achieving gold for some interesting offers as well.
According to maglon, if the United States eventually ends up in recession as expected . Gold may have the upper hand over bitcoin. This is because the Cross price of bitcoin against Gold seems to be gaining ground from the stock market rally. This trend is bound to affect Bitcoin . Which are generally perceived by the stock market as a high-risk asset.
While bitcoin (BTC) is usually tied to some stock market indices . Most of this correlation has been decoupled in the past few months as the emerging asset class has gained impressive price traction. While the recession may put gold in a better position than bitcoin . McGlone claims that the failure of the S&P 500 to decline when this recession begins may help bitcoin continue to outperform gold in the medium term.
With the US inflation rate falling to a relatively lower level according to the latest forecasts . The Fed has kept interest rates steady, a move that signals to investors that a crucial pivot may be in the works. If the Fed cuts the interest rate soon . This could automatically enable bitcoin (BTC) because the flow of cash into the economy could weaken the dollar and greatly strengthen bitcoin.
Which of the two paths the economy will take in 2024 . Bitcoin will probably be able to keep up with the incredible performance that made it register growth of more than 151% in the period from the beginning of the year to date.
The catalyst of Bitcoin ETF is regardless of the forecast of recession next year . The possible approval of a bitcoin exchange-traded fund (ETF) product by the US Securities and Exchange Commission (SEC) could shift the prospects for better performance in favor of the currency.
