Bloomberg Analyst: Bitcoin Outperforms Silver and Gold Since 2022, Institutional Narrative Priced In Ahead, Leading Bitcoin into Consolidation

BlockBeats News, January 28th, Bloomberg ETF analyst Eric Balchunas posted on social media, stating, "Seeing some panic among Bitcoin holders (and schadenfreude among bears), strikes me as quite short-sighted. Because since 2022 (before BlackRock submitted its Bitcoin ETF application), Bitcoin is up 429%, gold up 177%, silver up 350%, QQQ up 140%."

In other words, Bitcoin's performance in 2023 and 2024 has already left other assets far behind (but many seem to have already forgotten this). Even though other assets later experienced the ‘best year ever’ while Bitcoin struggled, they have still not caught up with Bitcoin's performance.

In my view, what has really happened is that the ‘institutionalization’ narrative was prematurely and rapidly priced in by the market, even before it was actually implemented. Therefore, Bitcoin needs a period of consolidation to let reality catch up with the previous price surge."