Bitcoin

With the price of Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) demonstrating a largely sideways movement trend over the last seven days, senior <a href="https://finbold.com/guide/what-are-commodities/" rel="noopener noreferrer nofollow">commodity</a> strategist at Bloomberg Mike McGlone has expressed concern over the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset underperforming.Specifically, McGlone stated that <a href="https://finbold.com/guide/fastest-way-to-buy-bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> seems alone under the radar of the United States <a href="https://finbold.com/category/regulations-news/" rel="noopener noreferrer nofollow">regulatory</a> crackdown, which means that it should be outperforming most risk assets, but it isn’t, as he explained in a social media <a href="https://twitter.com/mikemcglone11/status/1686694332189773824" rel="noopener noreferrer nofollow">post</a> shared on August 2.<h2 id="header-0">Bitcoin acting out of order</h2>According to the analyst, “in decline vs. the Nasdaq 100 <a href="https://finbold.com/stocks/" rel="noopener noreferrer nofollow">Stock</a> Index since the 2021 peak and April bounce, waning Bitcoin may presage rising headwinds for itself and the broad <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">crypto market</a>. ” Furthermore, he noted, if the asset “fulfills what some consider the fastest-horse-in-the-race mantra, it seems logical Bitcoin should outperform in an everything <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bull market</a>,” but “it’s not.”As he further specified, Bloomberg’s graphic indicates this might be taking place due to “the most aggressive liquidity pull from central <a href="https://finbold.com/guides/banking/" rel="noopener noreferrer nofollow">banks</a> in history” and the Federal Reserve “tightening in the third quarter despite the producer price index finished-goods gauge at minus 3.1% and dropping from 2022’s 18.3% peak at its fastest pace since 1948.”According to McGlone, Bitcoin could be sniffing out the above factors and responding to them. Moreover, he also stressed that both the Nasdaq and Bitcoin were up just over 20% on a one-year basis but that the maiden crypto asset’s volatility was about two times higher.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/10d27828f7664f81abcdf983d53d7bf7.png" />Bitcoin/Nasdaq index vs. federal funds future. Source: <a href="https://twitter.com/mikemcglone11/status/1686694332189773824" rel="noopener noreferrer nofollow">Mike McGlone</a><h2 id="header-1">Bitcoin versus other assets</h2>Earlier in May, McGlone <a href="https://finbold.com/can-bitcoin-outshine-gold-heres-what-commodity-gurus-says/" rel="noopener noreferrer nofollow">shared</a> his expectation that <a href="https://finbold.com/guide/buy-gold-with-paypal/" rel="noopener noreferrer nofollow">gold</a> was likely to demonstrate dominance and continue to outperform Bitcoin in the following months when the precious metal sought to attain new highs, as highlighted by the Bitcoin-to-gold ratio at the time.In June, he <a href="https://finbold.com/commodities-expert-warns-spot-etfs-wont-shield-bitcoin-from-us-recession/" rel="noopener noreferrer nofollow">noted</a> that Bitcoin was facing its first <a href="https://finbold.com/guide/recession/" rel="noopener noreferrer nofollow">recession</a> and a potential equity <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bear market</a> in the US, as it trails the recent Nasdaq Index gains and was under the effect of federal funds futures that were “showing little potential for additional liquidity fuel,” and that the approval of a spot exchange-traded fund (<a href="https://finbold.com/guide/exchange-traded-funds-etfs/" rel="noopener noreferrer nofollow">ETF</a>) would not shield it from the consequences.More recently, the commodities expert <a href="https://finbold.com/commodities-expert-predicts-bitcoins-fate-in-h2-2023-digital-gold-or-volatile-nasdaq-companion/" rel="noopener noreferrer nofollow">voiced</a> his opinion that the second half of 2023 could “define the benchmark crypto as a high-beta version of the <a href="https://finbold.com/category/stocks-news/" rel="noopener noreferrer nofollow">stock market</a>, or for its potential to be digital gold in a world going that way,” as Finbold reported on July 7.<h2 id="header-2">Bitcoin price analysis</h2>In the meantime, Bitcoin was changing hands at the price of $29,486, which represents a 2.20% gain in the last 24 hours and an increase of 1.09% across the previous seven days, although it is recording a loss of 3.78% on its monthly chart, as the recent data indicates.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/809559f10f1842719133c6f87caaac64.png" />Bitcoin 30-day price chart. Source: <a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">Finbold</a>Meanwhile, <a href="https://finbold.com/guide/cryptocurrency-trading/" rel="noopener noreferrer nofollow">crypto trading</a> expert Michaël van de Poppe has <a href="https://twitter.com/CryptoMichNL/status/1686690431499636736" rel="noopener noreferrer nofollow">stated</a> there might be a case for Bitcoin declining to $12,000 or retesting at the lows, but that a similar situation had occurred in 2019 when indicators suggested that Bitcoin had to retest $3,000 and go to $2,000 when it was trending up.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Commodity expert warns Bitcoin may be in trouble; Here’s why

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