Bitcoin in 2023: potential to become digital gold or volatile Nasdaq companion?

Bitcoin in 2023: potential to become digital gold or volatile Nasdaq companion?

Bitcoin bulls are excited about the second half of 2023, since the raw material expert Mike McGlone from Bloomberg shares his analysis about the possible fate of Bitcoin at this point.

McGlone notes that Bitcoin recorded a significant increase in 84% in the first half of 2023, which is about twice as high as the increase in NASDAQ 100.

According to McGlone, the second half of 2023 could define the benchmark crypto as a kind of high-beta version of the stock market or demonstrate its potential as a digital gold in a further developed world. He believes that a real test for Bitcoin will come when the stock market enters a bear market, which is common in US recessions.

The expert emphasizes that former major economic declines were accompanied by considerable loosening measures by the FED. However, he believes that this may have changed, since the Fed will probably no longer make relaxation due to the continuing inflation. The Bloomberg graphic shows that Bitcoin is currently fluctuating around $ 30,000 and losing lies in the second quarter compared to the Nasdaq.

Currently the Bitcoin price is $ 30,073, which means a decline of 4.19% in the last 24 hours and a decrease of 2.45% in the last seven days. Nevertheless, the cryptocurrency still has an increase of 12.17% on its month.

It remains to be seen whether Bitcoin will actually develop its potential as a digital gold or volatile companion of the NASDAQ in the second half of 2023. The future of Bitcoin remains exciting, and investors should be aware that the crypto market is speculative and is associated with risks.

source:
- Mike McGlone, Bloomberg Intelligence: https://twitter.com/mikemcglone11/status/141249843911081794
- Coinphony: https://coinphony.com/