Bloomberg analyst Mike McGlone said that Bitcoin could surpass the S&P 500 index.
The famous analyst stated that Bitcoin, traded at $ 19,289, can gain an edge against the S&P 500, which is currently traded at $ 3,700.
Bitcoin at $19,000 Could Gain Upper Hand vs. 3,600 S&P 500 – The lowest #Bitcoin price ever vs. its 200-week moving average and the fact that the level on Oct. 18 is about four times the 1Q20 swoon's closing low may signal an enduring bull market after a steep discount. pic.twitter.com/NJps7qdQUi
— Mike McGlone (@mikemcglone11) October 20, 2022
Mike McGlone Highlights Bitcoin
The analyst, who made the statement on his Twitter account, also shared a screenshot of a Bloomberg report. The report states that the S&P 500 index has fallen by about 20% this month.
The report highlights that while traditional markets are down, Bitcoin is consolidating around $19,000.
According to the Bloomberg report, further decline in the S&P 500 value may cause the Fed to step back from its tightening policy. Therefore, the biggest pump and dump ever seen in the US dollar supply could make Bitcoin stand out as a store of value.
Mike McGlone, in his previous tweet, highlighted the limited supply of Bitcoin and stated that for this reason, it could rise over time. While an unexpected factor is likely to reduce demand for Bitcoin, McGlone stated that this is an improbable situation.
Bitcoin Primer: Supply Is Straightforward, Declining#Bitcoin's definable diminishing supply is unprecedented on a global scale, and so prices should continue to rise over time unless something unlikely reverses demand and adoption trends, given the laws of supply and demand. pic.twitter.com/wzzhYN5sNL
— Mike McGlone (@mikemcglone11) October 19, 2022
