A new BTC share came from Bloomberg senior analyst Mike McGlone, who made a name for himself with his predictions for Bitcoin and the crypto money market.
Stating that Bitcoin volatility has fallen with most risky assets in 2023, Mike McGlone said that this will likely bring reduced risk and limited price rise for cryptocurrencies.
Stating that BTC and S&P 500 are on the edge of the abyss and may experience a decline, the analyst stated that this decline will not be very deep.
Because if the S&P 500 falls, many risky assets such as Bitcoin will fall and suffer.
Stating that Bitcoin is showing weakness against the stock market, McGlone said that something else noteworthy in the chart is that volatility is falling for both Bitcoin and the S&P 500.
“Looking at the chart, the 180-day volatility in Bitcoin fell to about 46% on August 16, its lowest level ever.
Despite these drops in Bitcoin, the adoption of BTC and its view as digital gold has not changed.
Bitcoin continues on its way in the same orbit. At this point, when compared to gold, BTC is trading with 3 times the risk of volatility compared to gold.
In 2018, BTC was trading with 10 times the volatility risk compared to gold. In this context, the risk of Bitcoin and cryptocurrencies will decrease more than gold.
Finally, when the S&P 500 recovers, market volatility rises.”
Are Big Bitcoin Pumps Done? Mainstream, Stablecoin Trajectory – #Bitcoin volatility is declining along with most assets in 2023, and the mainstream migration process is likely to entail diminishing risk for the #crypto — and limited price-pump potential. Divergent Bitcoin and… pic.twitter.com/h5EH6EwNiL
— Mike McGlone (@mikemcglone11) August 17, 2023
*Not investment advice.
