Many in the crypto space had expected the value of Bitcoin (BTC), viewed as digital gold, to rise in response to the Russian invasion of Ukraine, but the opposite happened as the market suffered from a massive sell-off on February 24. On the other hand, as we have reported as Kriptokoin.com, real gold has seen a 13-month peak by attracting safe-haven flows. Bloomberg senior commodity strategist Mike McGlone and US Global Investors CEO Frank Holmes comment on the latest developments and share their gold and Bitcoin forecasts.
Mike McGlone thinks Bitcoin is a very good buying opportunity
Speaking to Scott Melker, host of the Wolf of all Streets podcast, Bloomberg senior commodity strategist Mike McGlone said that the markets, especially stocks He emphasizes that it is too late for a very important correction in terms of stocks, but it is also felt in the crypto market.
Mike McGlone in particular considers this a ‘defining moment’ for the digital asset. While there are downside risks, the analyst believes this is a “very good buying opportunity” for long-term investors who have set aside funds. The commodity strategist notes:
The main thing to emphasize here is that cryptos and Bitcoin are still risky assets and are giving up many gains. I still think there is more pain out there. I don’t think Bitcoin will drop much below $30,000, with good resistance holding around $40,000. I think this will ultimately be a very good buying opportunity for Bitcoin for long-term traders. It will be considered a defining moment in history.
As a result of Russia’s invasion of Ukraine, the gold price climbed to the peak of 13 months on February 24. Mike McGlone comments:
Gold is too late for a permanent break above $2,000. We’ve been looking for this for a very long time. Unfortunately, that’s how it works. The markets turn you upside down, make you disbelief, and then explode. That’s why it’s so late.
“Gold is the best asset to be acquired in a high-voltage environment”
Gold is generally seen as a safe haven amid rising geopolitical tensions, and its price has risen accordingly. As the tension between the two countries continued to escalate, investments in gold also increased. In the last 30 days alone, approximately 1 trillion dollars has been inoculated in gold.
US Global Investors CEO Frank Holmes believes gold is the best asset to have in a high-voltage environment:
When you look at gold, it’s historically a great asset. The breadth and depth of its importance really comes into play when you have a war.
Market analyst predicts the onset of an impending recession and a fairly significant stock market correction in the future:
I think long bonds are a great buying opportunity for gold and Bitcoin. It’s just a matter of time.
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