Despite Bitcoin’s volatility sinking, this might indicate its quest to return to winning ways, according to Bloomberg analyst Mike McGlone.
McGlone stated:
“The lowest-ever Bitcoin volatility vs the Bloomberg Commodity Index (BCOM) may portend a resumption of the crypto’s propensity to outperform. Our graphic showing the elongated upward trajectory of Bitcoin’s price vs. the BCOM is typical compared with most assets.”
Bitcoin has recorded incredible bull runs in the past. For instance, the leading cryptocurrency scaled heights and recorded a new all-time high (ATH) price of $69,000 in November last year. As a result, McGlone pointed out:
“Bitcoin may be regaining its propensity to outperform in 2H. The long commodity unwind, copper’s fastest decline since 2008 and the bond future’s recovery from the steepest dip vs. its 50-week mean since the 1987 stock crash, all coming amid an aggressive.”
Bitcoin’s upward momentum has been dented by tightened macroeconomic…