Bloomberg Intelligence's Senior Commodity Strategist, Mike McGlone, has raised concerns about Bitcoin's (BTC) performance in relation to gold. McGlone suggests that Bitcoin might be experiencing an "autocorrelation hangover," based on data from the 100-week Moving Average of Gold against Bitcoin.

The Senior Commodity Strategist posits that the relationship between Bitcoin and gold could be indicative of broader market trends. In May, gold achieved another record end to the month, potentially signaling its continued ability to outperform stocks and other assets. This performance could offer insights into market dynamics and asset strength.

McGlone's analysis suggests that recent developments, including the launch of spot Bitcoin ETF products and a supply cut in the first half of the year through halving, have shown a divergent weakness in the Bitcoin/gold cross. He maintains that the poor performance of the digital asset suggests that Bitcoin's strong performance may be encountering new challenges.

Emerging from the Great Recession, Bitcoin has been a standout performer and a key market indicator. The digital asset had a fantastic bullish run, even hitting an All-Time-High (ATH) above $73,000 in March of this year. However, as per McGlone's analysis, Bitcoin's recent consolidation mode post-ETF approval has raised concerns about its weakness against gold.

Some analysts attribute the gold price rally witnessed in May to the increased adoption of the asset by investors looking to hedge their funds against inflation and other economic factors. Earlier in the year, Robert Kiyosaki, the renowned author of "Rich Dad Poor Dad," had advised that investing in Bitcoin and gold was a wiser investment choice. The increased adoption in April and May seems to suggest that investors heeded his call.

At the time of writing, BTC price has soared by 1.47% to breach the $70,000 mark. Despite the recent consolidation, there is optimism that Bitcoin will witness a bullish trajectory before the year ends. However, McGlone's analysis highlights the need for investors to closely monitor the relationship between Bitcoin and gold, as it could provide valuable insights into broader market trends and asset performance.