Days of ‘Big Bitcoin Pumps’ Are Over, According to Bloomberg Macro Strategist – Here’s Why
Bloomberg Intelligence senior macro strategist Mike McGlone believes that the era of large Bitcoin pumps is coming to an end. He suggests that Bitcoin’s volatility still has room to decline more than traditional assets, which could decrease its relative risk. McGlone highlights that Bitcoin’s 90-day volatility is still relatively high compared to gold but has decreased significantly from its peak in 2018. He argues that Bitcoin is going through a maturation process and warns of a potential elongated retracement period.
Main breakdowns:
- Bitcoin’s volatility has more room to decline than traditional assets, reducing its relative risk.
- The cryptocurrency is going through a maturation process and a “deterioration of its nascent vigor.”
- Bitcoin could face an elongated retracement period.
- Bitcoin’s 90-day volatility is still relatively high compared to gold but has decreased significantly from its peak in 2018.
- Analysis focused on 100-week moving averages shows downward biases for Bitcoin.
Currently, Bitcoin is trading at $26,109, down 0.11% in the past 24 hours and over 11% in the past seven days.
Hot Take:
According to Bloomberg macro strategist Mike McGlone, the days of significant Bitcoin pumps are coming to an end. He believes that Bitcoin’s volatility will continue to decline, reducing its relative risk. McGlone also suggests that Bitcoin is in a maturation process and warns of a potential elongated retracement period. These insights provide valuable information for crypto readers who are interested in understanding the current state of Bitcoin and its future prospects.
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