Bitcoin Back to $10,000? Peak Leveraged Beta Risks, Rising Gold - #Gold is up about the same amount in 2025 to March 13 -- about 15% -- that #Bitcoin is down. But with Bitcoin at about $80,000, what stops those trajectories? About a 6% decline in the S&P 500 could suggest what… pic.twitter.com/aMgL0LANFt
— Mike McGlone (@mikemcglone11) March 14, 2025
McGlone pointed out that in 2025, the gold price has increased by roughly 15%, while Bitcoin, digital gold, is down by a similar percentage and is trading in the $80,000 zone currently. Gold has surged past $2,950 per ounce due to wide geopolitical tensions that emerged recently and Donald Trump’s economic policy towards Canada, Mexico, China, and Europe.
The Bloomberg strategist mentioned the recent biggest launch of Bitcoin ETFs in history and US president’s shift towards Bitcoin and crypto in general, which McGlone referred to as highly volatile and speculative. He seems to believe that currently the situation is close to the dot-com bubble that rose in the early 2000s and then burst, pushing the Index of tech companies Nasdaq 80% down.
In a tweet published earlier today, the expert pointed out that Bitcoin was created when the stock market bottomed out in 2009 during the mortgage market crisis and since then BTC “has been a leader of one of the greatest risk-asset rallies in history,” again hinting that he sees Bitcoin as a bubble that is about to burst soon.