Ah, the ever-enthralling waltz between Bitcoin and gold! Fundstrat’s inimitable Tom Lee swept onto CNBC’s Squawk Box with all the pomp and circumstance of a debutante ball, singing praises of Bitcoin while gold gleefully sashayed to a fresh all-time high earlier this April. As for our digital dandy, BTC only deigned to join the soirée this past Sunday.
But wait! Just as Lee was polishin’ his bullish spectacles, Bloomberg’s sage of the markets, Mike McGlone, chimed in with a rather less rosy tune to his legion of X devotees. One might say, the party has its crashers. 🎭
Bitcoin May Now Start Catching Up to Gold, Lee Declares with a Wink
While the venerable stock market indices—Nasdaq, S&P 500, and Dow Jones—performed a delicate dive worthy of a ballerina lost at sea, Bitcoin pirouetted upward by a dashing 3.44%, flirting flirtatiously above the $87,700 mark. Alas, this amorous peak proved fleeting, and our dear BTC settled back down flirting just above $87,100.
“Now that deleveraging is done, I think that bitcoin is going to catch up to gold,” quipped @fundstrat with all the confidence of a man betting on the house.
— Squawk Box (@SquawkCNBC) April 21, 2025
Since last Wednesday, Bitcoin, that enigmatic charmer, has swelled by 4.56%. Lee assures us the drama of institutions offloading Bitcoin like hot potatoes is behind us, leaving ample runway for BTC to close the gap on gold. “There’s a lot of room to catch up as a non-dollar asset,” he added, as if revealing the greatest secret at the gentlemen’s club.
Meanwhile, host Joe Kernen couldn’t restrain himself, noting that gold was marching daily towards a glittering $4,000 an ounce. As for Bitcoin’s weekend suppression? Mere mischief caused by those pesky deleveragers, according to Lee. Weekend blues never looked so digital. 🌞➡️🌙
Bitcoin to Crash to $10,000? McGlone Casts the Doom-and-Gloom Spell Again
Enter Mike McGlone, Bloomberg Intelligence’s oracle of gloom, who’s back on the X platform painting a dystopian tableau where Bitcoin and stocks hold hands plunging down an economic staircase without a landing. The scene comes with an apocalyptic price tag.
Low-Price Cures? $40 Crude; $3 Copper, Corn; $10,000 Bitcoin – Bloomberg Intelligence’s recession scenario would push the S&P 500 fair value to 4,032, with deflationary implications. Leanings that way in commodities before US tariffs and austerity might add fuel for reversion…
— Mike McGlone (@mikemcglone11) April 21, 2025
Our good Mr. McGlone reiterated his harrowing forecast: Bitcoin tumbling all the way to a paltry $10,000—a figure that must sting for all those die-hard hodlers. Predicting deflationary recession, he envisions the S&P 500 bruised to 4,032 while crude oil tankers sail at $40 per barrel. One zero would vanish from Bitcoin, leaving it to mutter, “I used to be a five-figure coin.”📉
Even humble corn and copper aren’t spared, crashing to $3 a bushel and pound respectively, in this theatrical recession scenario. Yet, as if having last laugh, Bitcoin currently lounges at $87,500, sporting a hefty green candle on its hourly chart, as if to say, “Not so fast, gloom merchants!” 🔥
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2025-04-21 17:10