3 Reasons Why Bloomberg Calling Bitcoin a ‘Resting Bull’ Is Inaccurate
Cointelegraph
Published Jul 05, 2020 04:08PM ET
Updated Jul 05, 2020 05:40PM ET
Bloomberg senior commodities strategist Mike McGlone recently released a midyear crypto outlook, which states that Bitcoin volatility should continue to decrease as the asset behaves more like gold. The report also says that primary demand and adoption indicators remain positive.
The report concludes that Bitcoin is set for a breakout with a target at the $13,000 resistance. Although this perspective is defensible, the arguments presented in the article seem flawed. Correlation metrics for the past six months have drawn Bitcoin away from gold’s hedge status, as it has been trading in sync with the S&P 500 most of the time.
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Written By: Cointelegraph
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