Mike McGlone, the senior commodities analyst at Bloomberg, believes that Bitcoin will outperform commodities in the next ten years. Furthermore, he predicted that cryptocurrency prices will skyrocket this year.
Mike McGlone stated that Bitcoin has been winning against commodities thus far – this decade has been extraordinarily excellent for Bitcoin and disastrous for commodities. Furthermore, he claimed that 2022 may show to be the strongest higher-price cure ever, boosting crypto.
The snapshot depicts a section of a recent Bloomberg report. According to the graph, Bitcoin has outperformed the BCOM (Bloomberg Commodity Index) thus far. Nonetheless, McGlone adds, Bitcoin is currently plunging to new lows and trading at a discount, as he stated in one of his latest tweets.
According to the analysis, if history is any indicator, Bitcoin is expected to recover and outperform commodities, reaching new highs soon.
On September 21, Bitcoin reached its lowest point. Mike McGlone did, however, think that the extreme of this crypto price drop indicates a possible return of the elongated upward trajectory.
At the time of writing, BTC is trading at $19,110.
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