Bloomberg Analyst McGlone Says Low Volatility in Bitcoin is in Favor of the Bulls, Reveals His Estimates!

According to Bloomberg analyst Mike McGlone, the 180-day volatility of Bitcoin (BTC) has reached its lowest level ever.

According to McGlone, this could signal a bullish trend for the coin, which is trading at $29,200 at the time of this writing.

McGlone said that Bitcoin's 180-day volatility was around 46% at the beginning of August, which is generally a positive sign for prices.

He also stated that Bitcoin's volatility rate is about twice that of the Nasdaq 100 Stock Index, a measure of risk in the stock market. He stated that this shows that Bitcoin has become more mainstream and less speculative.

However, McGlone also warned that Bitcoin's weakness relative to the Nasdaq 100 since the end of the first quarter could signal trouble for all risk assets. He said that after an extraordinary first half, Bitcoin could also suffer if the stock market encounters more turbulence in the second half of the year.

McGlone explained that he expects Bitcoin to eventually trade like gold or Treasury bills, which are viewed as safe-haven assets. But he said Bitcoin's underperformance could make more sense if the stock market avoids a recession expected at the start of the year but seems unlikely at the moment.

*Not investment advice.