Mike McGlone, senior strategist at Bloomberg Intelligence He believes Bitcoin, the leading cryptocurrency by market capitalization, has jumped to the highest macroeconomic indicator in the world.

The analyst is convinced that the fate of risky assets could depend on the performance of the leading cryptocurrency.

During a recent appearance on Palisades Gold Radio, a popular investing podcast, McGlone pointed to the fact that Bitcoin has a “very high” correlation to the stock market.

In fact, it is at an all-time high on a 100-day basis.

As reported by U.Today, Bitcoin saw a sharp price drop on Tuesday following the release of crucial US economic data that may point to stronger than expected inflation.

The cryptocurrency is currently trading at $95,013, according to CoinGecko data.

McGlone warned of excessive upside around the $100,000 level.

Gold and Bitcoin ETFs

As McGlone pointed out, one cannot mention gold without Bitcoin in the same space because the latter was demonizing the former.

McGlone says holding the coin without exposure to the leading cryptocurrency would be “irresponsible.”

However, if Bitcoin fails to gain a foothold above the $100,000 level and sees a correction, it could lead to some Bitcoin ETF buyers returning to gold, according to the analyst.

Excessive inflows recorded by Bitcoin ETFs could be a sign of “over-enthusiasm.”