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Here's What Bitcoin (BTC) Price Chart Is Telling Us Right Now

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Tue, 5/09/2023 - 16:30
Here's What Bitcoin (BTC) Price Chart Is Telling Us Right Now
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Recently, Mike McGlone, a senior strategist at Bloomberg Intelligence, shared some interesting observations on Bitcoin's performance. Let's break down what his analysis suggests without just quoting his tweets.

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As of Sept. 1, BTC saw a 15% drop in the third quarter, while the Nasdaq 100 Stock Index recorded a 2% gain during the same period. McGlone believes that this difference might indicate something significant.

According to McGlone, the relative weakness of Bitcoin could potentially be an early sign of a broader stock market downturn, possibly hinting at an upcoming recession. Alternatively, it might simply mean that Bitcoin is losing ground compared to traditional stocks.

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The difference

One crucial factor McGlone points out is the impact of rising interest rates. Federal funds futures predict rates rising to about 5.42% in November, a significant change from the near-zero rates of 2021 and 2011. This shift could have significant consequences for Bitcoin and the financial markets as a whole.

When examining the data, it becomes clear that both Bitcoin and the Nasdaq have shown similar gains of around 30% over the past year. However, when considering risk, Bitcoin displays greater volatility over its 260-day average compared to the Nasdaq.

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These findings have sparked discussions of Bitcoin's future, with some experts speculating that the cryptocurrency might have entered a bear market following its peak in 2021. Given that Bitcoin has grown substantially since its initial trading at $1 in 2011, the implications of its recent performance are vital for investors worldwide.

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