Mike McGron, senior commodity strategist at Bloomberg Intelligence, repeated his prediction that Bitcoin might end up eventually Lose zero.
McGlone recalled that Nasdaq Composite, which tracks almost every stock listed on the Nasdaq Exchange, peaked at around 5,000 in 2000 when Dot-Com Bubble was about to pop.
It appears that analysts are comparing its peak with the historic rise in Bitcoin to $100,000.
McGlone points out that Bitcoin was born when the stock market hit bottom following the global financial crisis (GFC).
According to McGlone, Bitcoin was the leader of “one of the biggest risk asset gatherings in history.”
Notable analysts seem to believe that risk assets have reached the peak of a major speculative cycle.
Are there any risk assets for Bitcoin?
That said, many commentators have noted that the US stock market has withstanded a massive price correction while Bitcoin was working surprisingly well earlier this week. On Friday, the tech-heavy NASDAQ-100 index collapsed by more than 6%, but the major cryptocurrencies remained essentially flat despite being recognized as a risk-on asset.
The US stock market lost an astounding $6.6 trillion on Thursday and Friday amid global economic uncertainty surrounding tariffs. According to McGlone, the US stock market can be “too much” and now there is a “valuable catalyst” for drawdowns that he considers to be permanent.
In particular, the price of gold, which has significantly surpassed Bitcoin this year, has also dropped significantly.
If Bitcoin continues to be separated from stocks, the “safe shelter” camp may be a victory.
