Bitcoin (CRYPTO: BTC) trades within the $60,000-$70,000 range as commodity analyst Mike McGlone warns gold’s rally is over and predicts both gold and Bitcoin will languish for potentially a decade after their historic runs.
The Gold Reversal Call
McGlone argues gold’s significant rally is finished after making multi-decade highs.
Gold peaked at $5,600 before crashing 27% to $4,100, marking what he calls the end of an era that began in 1997.
“The rally to me is over,” McGlone said. “Gold’s going to languish between $3,000 and $5,000 potentially for a decade. That’s just the way it always does.”
He points to extreme positioning as evidence. Gold’s 180-day volatility moved to 2.5 times that of the S&P 500 (NYSE:SPY), a ratio that has only occurred a few times in history.
When it does, gold shifts from a safe haven to …