Bitcoin to Catch Up to Gold, Fundstrat's Tom Lee Says, Here’s Key Argument
04/21/2025 20:50
Renowned expert Tom Lee is bullish on Bitcoin’s near-term prospect versus rising gold
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Fundstrat’s expert Tom Lee has joined the team of CNBC’s Squawk Box hosts to talk about Bitcoin and gold. The latter reached a new all-time high at the beginning of April, while BTC only began to rise this Sunday.
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.
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Bitcoin now may 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 still trading higher than $87,100.
Since Wednesday last week, 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 every day, the 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 during weekends.
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Bitcoin to crash to $10,000, Mike McGlone predicts again
Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, has taken to the X platform to once again share an ultra-bearish forecast for Bitcoin and stocks since they are correlated.
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… pic.twitter.com/2m8TzwgEyM
— Mike McGlone (@mikemcglone11) April 21, 2025
McGlone repeated the forecast he made earlier – he expects the world’s largest cryptocurrency to crash to the $10,000 level. He has predicted a deflationary recession, which means that S&P 500 would collapse to 4,032, and crude oil might fall to $40 per barrel. Bitcoin in this case would lose one zero from $100,000 level as McGlone said in one of his tweets published earlier this month.
Corn and copper would drops to $3 per bushel/pound in this bearish recession scenario. Right now, Bitcoin is changing hands at $87,500 after printing a large green candle on an hourly chart.