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

0
145

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

Bloomberg senior commodities strategist Mike McGlone recently released a midyear crypto outlook, which states that 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 most of the time.

Continue Reading on Coin Telegraph

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.