Bloomberg Intelligence analyst Mike McGlone has suggested that the recent surge in Bitcoin’s price may be a temporary phenomenon, labeling it as a “hangover” from a large influx of institutional investment. According to McGlone, this trend is causing investors to shift their focus towards gold as a more stable haven asset following years of steady decline in its value. He highlighted that the continued outflows from Bitcoin ETFs have been observed for several months now, coinciding with a reversal in the historical trends of gold’s declining performance over the past four years. 2024 may see a long-lasting trend in Bitcoin as a risk asset, and this could be reflected by its recent price surge followed by a subsequent dip, according to McGlone’s analysis.