Bloomberg analysts: Crypto assets break below key support level, may continue to underperform precious metals in 2026

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On February 11, Mike McGlone, senior commodities strategist at Bloomberg Intelligence, wrote, "Crypto assets have broken below a key support level relative to metals, suggesting this trend could continue into 2026. The chart shows that the ratio of the Bloomberg Galaxy Crypto Index (BGCI) to the Bloomberg All Metals Total Return Sub-Index (BCOMAMT) has fallen below a previous resistance level of approximately 510. This resistance level first formed in 2018 (based on 2017 as 100)."

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