Mike McGlone, the senior commodity strategist at Bloomberg Intelligence, has published a post on the X social media platform to reveal an ominous prospect that Bitcoin is facing at the moment.
He tweeted that Bitcoin is reversing to go toward the 200-week moving average, which may indicate a massive price decline in the future.
Maturation implications for Bitcoin on horizon
In his tweet, McGlone mentioned that he sees a high chance of unfriendly trends for Bitcoin unraveling soon. On the chart, McGlone says, Bitcoin is reversing toward the 200-week moving average in correlation with the stock market and the S&P 500 Index.
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The chart also refers to this as a Bitcoin-to-beta correlation, which means that the world’s largest cryptocurrency’s volatility level is increasing, along with that of the S&P.
Unfriendly Trends for Bitcoin, Beta May Buoy Gold -
Bitcoin's reversion track toward its 200-week moving average could have maturation implications for the volatile risk asset and underpinnings for gold.
Full report on the Bloomberg here: https://t.co/HI3UIYCrmY {BI COMD}… pic.twitter.com/Yra7lBh3RC
As for the movement toward the 200-week moving average, this level is a key indicator signifying that BTC may potentially hit price bottoms. McGlone tweeted that as Bitcoin is moving in close tandem with the stock market, it is going through “maturation implications.”
Meanwhile, as the trade war between the U.S. and China continues, the stock market continues to go down, but gold is rising in price since investors are flocking to it to park their funds in this traditional safe haven asset.
Earlier this week, gold futures jumped by 3%, reaching a new all-time high of $3,350 per ounce as the global leader in AI chip-making, Nvidia, stated that it is about to lose $5 billion in total from the escalating tensions between the U.S. and China. So far, gold has surged 25% this year, fueled by the rising economic turmoil and uncertainty.
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Dogecoin team counters Saylor's BTC vision
Earlier today, the team that supports the iconic meme cryptocurrency Dogecoin cited Saylor’s recent tweet and disagreed with his vision of Bitcoin. On Wednesday, Saylor tweeted that he sees BTC as chess, where you often have to make moves backwards to avoid attacks from the opponent’s pieces or even sacrifice your own pieces to win.
But the DOGE team likened Bitcoin not to chess but to the children’s game “Hungry, hungry hippos,” stressing that, for them, the Bitcoin market is rather driven by frenzy and not so much by strategic thinking.
At press time, Bitcoin is changing hands at $84,630 per coin.
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