Three prominent figures in the financial world, Scott Melker, Mike McGlone, and Gareth Soloway, discussed record highs in commodity markets, bond yields, and the future of cryptocurrencies in their latest broadcast.
While gold and silver reached new highs, Bitcoin’s stagnation and the activity in the bond market attracted attention.
Bloomberg Intelligence analyst Mike McGlone adopted a cautious stance, noting that the markets are giving signals similar to those seen before 1929 and 2008. McGlone argued that Bitcoin remains at risk unless it surpasses $100,000, and that a pullback to the $10,000 level is “chartically normal.”
Renowned investor Scott Melker stated that macroeconomic data does not reflect the realities of the street. Reacting to data suggesting a strong economy, Melker said, “The economy is only strong for the rich; everyone else is struggling even to buy milk.”
Melker described Bitcoin’s current state as “stuck in the mud,” noting that neither good nor bad news is able to move the price, and volume is insufficient.
Melker argued that markets should look good between August and October before the US elections, so any current downturn could be “forgotten” from a political standpoint.
Soloway stated that a technically dangerous “Head and Shoulders” pattern has formed on the Bitcoin chart, which could pull the price back to the $69,000 level. He added that the fact that Bitcoin is not moving in tandem with gold as it rises is evidence that the asset is priced as a “risky asset” rather than a “safe haven.”
*This is not investment advice.