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3 Reasons Why Bloomberg Calling Bitcoin a ‘Resting Bull’ Is Inaccurate


3 Reasons Why Bloomberg Calling Bitcoin a ‘Resting Bull’ Is Inaccurate

A recent Bloomberg report says Bitcoin is a resting bull but improperly interprets key metrics to paint a bullish case for BTC.

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. Regarding the oft-mentioned surge in demand, the recently reported inflow to Grayscale Investment’s funds cannot be interpreted as new money entering the space. The same can be said about the record-breaking increases in Bitcoin futures open interest as every derivative instrument needs a buyer and seller of the exact same size. Read More...



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