Three figures from 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 show.
As gold and silver reached new highs, Bitcoin’s stagnation and bond market activity attracted attention.
Bloomberg Intelligence analyst Mike McGlone took a cautious stance, noting that markets are giving signals similar to those seen before 1929 and 2008. McGlone argued that Bitcoin remains at risk unless it exceeds $100,000, and that a pullback to the $10,000 level is “graphically normal.”
Renowned investor Scott Melker said macroeconomic data does not reflect street reality. Reacting to data suggesting a strong economy, Melker said: “The economy is only strong for the rich; everyone has difficulty, even buying milk. »
Melker described the current state of Bitcoin as being “stuck in the mud,” emphasizing that neither good nor bad news can move the price and that volume is insufficient.
Melker argued that markets should do well between August and October, ahead of the US election, so any current slowdown can be “forgotten” from a political perspective.
Soloway said a technically dangerous “head and shoulders” pattern has formed on the Bitcoin chart, which could take 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 being valued as a “risky asset” rather than a “safe haven.”
*This does not constitute investment advice.
