Quick Take
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- Mike McGlone, a senior analyst at Bloomberg recently put out a tweet giving his thoughts on both Gold and bitcoin.
- In the tweet, he shared his thoughts on the two assets highlighting that even though both of these assets have seen a return back to a specific support zone, they will come out ahead in the end.
Mike McGlone, a senior analyst at Bloomberg recently put out a tweet giving his thoughts on both Gold and bitcoin. In the tweet, he shared his thoughts on the two assets highlighting that even though both of these assets have seen a return back to a specific support zone, they will come out ahead in the end.
He relates to the fact that the declining equity prices can typically encourage more monitoring fiscal stimulus in the long run.
The senior analyst posted a chart to Twitter showing his thought on both Gold and bitcoin that the $10,000 key resistance level has been a significant resistance test for bitcoin. The leading cryptocurrency has been tested multiple times over the course of this year, especially during the coronavirus pandemic.
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You can see the tweet below.-
#Gold at $1,900, #Bitcoin $10,000 Return to Decisive Support Zone - Some overdue mean reversion in the stock market is pressuring most assets, but we expect gold and Bitcoin to come out ahead in most scenarios. Declining equity prices encourage more monetary and fiscal stimulus.. pic.twitter.com/8dkJ2vdkdg
— Mike McGlone (@mikemcglone11) September 9, 2020
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
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