• If Bitcoin continues to correlate with equities, then the price may plunge.
• HODLers have stuck to accumulating irrespective of the circumstances.

Bloomberg’s senior strategist Mike McGlone has explained that a price reversion for Bitcoin [BTC] could result in a great risk for the coin. Talking about the king coin on Twitter, McGlone compared the Bitcoin value at $26,000 to its correlation with stocks and equities.

Read Bitcoin’s [BTC] Price Prediction 2023-2024

According to the analyst, Bitcoin’s correlation with traditional assets was 0.40— the highest level it had reached since the invention of the digital asset.

Furthermore, McGlone compared BTC’s performance to the season Amazon.com reached its peak, saying that a massive decrease in price could lead to another long period before BTC surpasses its ATH.

‘It Went Up, So Will Keep Going Up’ Risks in Bitcoin –
The lessons of high-performing, widely hyped assets show price reversion may be the greater risk once the masses jump on board. #Bitcoin at about $26,000 on Aug. 28 is slightly below the end of 2020, similar to… pic.twitter.com/3UdAbpLNLe

— Mike McGlone (@mikemcglone11) August 28, 2023

One reason the analyst maintained the stance was the Bitcoin futures EFT approv

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Author: Victor Olanrewaju

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