Bloomberg Expert Warns About Bitcoin as BTC Reclaims $60K

In a recent post, Bloomberg’s senior commodity strategist Mike McGlone warned that the flagship cryptocurrency Bitcoin could lead the risk asset comeback.

Earlier this year, McGlone predicted that gold could outperform Bitcoin due to macroeconomic factors.

While that’s not the case, gold recently managed to reach a new all-time high.

Bitcoin, meanwhile, is struggling to recover from its recent price crash.

Earlier this month, McGlone suggested that Bitcoin’s hangover could be “permanent” due to the unique combination of the U.S.

ETF launch and a supply cut that pushed the cryptocurrency to record highs in the first quarter. On Sunday, the leading cryptocurrency reclaimed the $60,000 level.

However, it’s still a long way from reclaiming its current all-time high, set in March. “Born out of the financial crisis and pathological easing, Bitcoin has carried most risk assets to their highest levels this year and could be doing the same on its way back,” he wrote in another recent post.

Earlier this month, McGlone also noted that Bitcoin had fallen below its upward-sloping 200-day moving average, suggesting that risk assets could be falling.

At press time, the leading cryptocurrency was trading at $59,611 on the Bitstamp exchange.

The Fed’s upcoming rate cut should inject bullish optimism. However, it remains to be seen whether it can put the ball back in the bullpen