However, while Lee is absolutely bullish on Bitcoin’s further price trajectory, the leading commodity expert of Bloomberg Intelligence, Mike McGlone, has shared a totally different view with his X followers today.

Bitcoin may now start catching up to gold, Lee says

While the main stock market indexes — the Nasdaq, S&P 500 and Dow Jones — are tumbling, Bitcoin has demonstrated a sudden increase today, rising by 3.44% and reaching above $87,700. That peak did not hold long, however, and by now BTC has rebounded a little but is still trading higher than $87,100.

Since last Wednesday, by now, Bitcoin has demonstrated a rise of 4.56%. Lee believes that now that the deleveraging, when financial institutions were selling all they could sell, including Bitcoin, is gone from the market, BTC has high odds of catching up with gold. “There is a lot of room to catch up as a non-dollar asset,” Lee said.

When Bitcoin was stuck below $85,000, gold was moving up everyday, host Joe Kernen stated. He believes that gold may easily reach $4,000 per ounce soon. That deleveraging, Lee said, had been suppressing Bitcoin, particularly on the weekends.Bitcoin’s price soared beyond $87,000, breaking out of a weeklong consolidation range of $83,000 to $86,000. The bulls’ renewed readiness to lead the price movement suggests that a major recovery of Bitcoin might be underway.

According to on-chain analytics platform IntoTheBlock, Bitcoin’s recent price action suggests the potential for a continued move higher to the $90,000 mark. The $90,000-$92,000 range served as the floor for Bitcoin prices from December to early February. The support zone was eventually breached in late February, resulting in a fall to below $75,000 in April.

According to IntoTheBlock, the cost-basis indicator clusters reveal little overhead supply below the $90,000 range, implying the market could advance quickly before a larger tranche of holders reaches break-even and begins taking profit.👇👇

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