Bitcoin is showing divergent strength, especially when compared to the stock market, says Mike McGlone, a senior commodity strategist at Bloomberg. He believes the markets are overdue for a pretty significant correction in terms of equities.
McGlone highlighted that the Digital Gold, meaning bitcoin, is set for a triumph. BTC will be subjected to deflationary pressures after the 2021 highs. The expert outlined that the popular cryptocurrency may be evolving global digital collateral. McGlone said that with the 2002 losses less than half those for the Nasdaq 100, BTC may be going toward global digital collateral.
He noted that despite negative risks present, following Russia’s invasion of Ukraine, the BTC price drop provided an excellent buying opportunity for long-term investors. McGlone doesn’t think that bitcoin gets below the $30,000 mark. The world’s most popular digital asset is holding good resistance around $40,000. McGlone says it’s a great buying opportunity for long-term traders.
Analysts also believe that this moment would be looked back upon in history as a grand buying mark for bitcoin. After dwelling the lows of $35,000 late last week, BTC managed to bounce back and make a brief climb to $45,000 on March 2. Presently, bitcoin as per CoinMarketCap is trading at $39,177. It has a total market worth of $741.6 billion. Bitcoin has a market dominance of 42.2%.