Bitcoin\u2019s price fell below $60,000 on Tuesday and Wednesday after posting big gains over the weekend following the Fed\u2019s pivot to lower interest rates. The spot price briefly peeked over $65,000 before coming back down.<\/p>\n
But Bloomberg\u2019s McGlone is bearish despite the market\u2019s moves. He thinks BTC\u2019s apparent lack of enthusiasm might signal a slow-going road forward for the highly secure Web3 property.<\/p>\n
Is the fastest horse signaling the race is over? At about 11x now, the #Bitcoin<\/a>\/S&P 500 peak was 15x in 1Q20 and this years lower high was 14x. The biggest money pump in history and US ETF launches in past tense may suggest a hangover, pendulum swing back toward 7x Bitcoin\/SPX.\u2026 pic.twitter.com\/dGGk0bYKRo<\/a><\/p>\n \u2014 Mike McGlone (@mikemcglone11) August 27, 2024<\/a><\/p>\n\n On Tuesday, McGlone asked his followers on X, \u201cIs the fastest horse signaling the race is over?\u201d He said the Fed\u2019s biggest money pump ever and the ETF listings in the rear window \u201cmay suggest a hangover\u201d for bitcoin.<\/p>\n The Bloomberg Intelligence strategist\u2019s argument is that the ratio of bitcoin\u2019s price to the S&P 500 Index is looking anemic compared to recent market history. \u201cAt about 11x now, the #Bitcoin\/S&P 500 peak was 15x in [1Q21] and this years lower high was 14x.\u201d<\/p>\n It\u2019s a like-with-like comparison because bitcoin is a factor of its market capitalization, and the S&P 500 is calculated<\/a> from the market cap of the companies that make it up, using an index divisor for all the math whizzes watching CNBC.<\/span><\/p>\n But if bitcoin has made it to 15x the S&P 500 Index once before, in March 2021, and almost did this year, then it can do it again. That\u2019s what BTC bulls like Marathon Digital are counting on<\/a> in the near term when they double down on the asset.<\/p>\n If bitcoin were to reach 15x the S&P500 again, it would tap $81,818 even if the index stayed at the same level today. That could mean there\u2019s lots of room left for the largest crypto to rally higher on this turn of the super cycle.<\/p>\n That figure is interesting because Blockstream CEO Adam Back recently targeted an $80,000 bitcoin price prediction based on one hedge fund analyst\u2019s MicroStrategy stock forecast. McGlone says the ratio shows weakness in BTC markets, adding that Bitcoin is suffering from a hangover.\u00a0However, it could indicate BTC is underpriced relative to cyclical trends.<\/p>\n If the S&P 500 Index grows apace of its 2024 returns and bitcoin\u2019s price<\/a> reaches 15x its level again, BTC could be changing hands above $98,000. So, this multiple shows that there\u2019s plenty of room left for this bull to run.<\/p>\n Moreover, the last time bitcoin markets achieved this multiple was ten months after the third halving<\/a>. So far, it has been only five months since the<\/a> fourth halving this year.<\/p>\n When this hangover washes out, some diamond hands might have profits on them. The hair of the dog, anyone?<\/p>\n The post Here\u2019s How Bitcoin\u2019s Price Can Surge to $81K Soon, According to Senior Bloomberg Strategist<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s price fell below $60,000 on Tuesday and Wednesday after posting big gains over the weekend following the Fed\u2019s pivot to lower interest rates. The spot price briefly peeked over $65,000 before coming back down. But Bloomberg\u2019s McGlone is bearish despite the market\u2019s moves. He thinks BTC\u2019s apparent lack of enthusiasm might signal a slow-going […]<\/p>\n","protected":false},"author":0,"featured_media":2490,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2489","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2489"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2489"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/2489\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/2490"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2489"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2489"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2489"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin Price to $81,000?<\/h2>\n