Bitcoin

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Recently, Mike McGlone, a senior strategist at Bloomberg Intelligence, shared some interesting observations on Bitcoin's performance. Let's break down what his analysis suggests without just quoting his tweets. 
As of Sept. 1,&nbsp;<a href="https://u.today/max-keiser-names-obstacle-that-may-slow-bitcoin-price-down-now" rel="noopener noreferrer nofollow">BTC</a> saw a 15% drop in the third quarter, while the Nasdaq 100 Stock Index recorded a 2% gain during the same period. McGlone believes that this difference might indicate something significant. 
According to McGlone, the relative weakness of&nbsp;<a href="https://u.today/bitcoin-btc-drop-to-23000-more-than-possible-heres-why" rel="noopener noreferrer nofollow">Bitcoin</a> could potentially be an early sign of a broader stock market downturn, possibly hinting at an upcoming recession. Alternatively, it might simply mean that Bitcoin is losing ground compared to traditional stocks. 
<h2 dir="ltr" id="the-difference">The difference</h2> 
One crucial factor McGlone points out is the impact of rising interest rates. Federal funds futures predict rates rising to about 5.42% in November, a significant change from the near-zero rates of 2021 and 2011. This shift could have significant consequences for Bitcoin and the financial markets as a whole. 
<blockquote> 
 Is One of the Best-Performing Assets Ever Telling Us Something - <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> has dropped about 15% in 3Q to Sept. 1 vs. a 2% gain in the Nasdaq 100 Stock Index. Weakness in the benchmark crypto could be a precursor for a normal stock market drawdown in a recession or simply falling… <a href="https://t.co/4fiCFD1cl9" rel="noopener noreferrer nofollow">pic.twitter.com/4fiCFD1cl9</a>— Mike McGlone (@mikemcglone11) <a href="https://twitter.com/mikemcglone11/status/1699014228835807551?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 5, 2023</a> 
</blockquote> 
When examining the data, it becomes clear that both Bitcoin and the Nasdaq have shown similar gains of around 30% over the past year. However, when considering risk, Bitcoin displays greater volatility over its 260-day average compared to the Nasdaq. 
These findings have sparked discussions of Bitcoin's future, with some experts speculating that the&nbsp;<a href="https://u.today/top-trader-predicts-bitcoin-price-breakout-in-2025" rel="noopener noreferrer nofollow">cryptocurrency</a> might have entered a bear market following its peak in 2021. Given that Bitcoin has grown substantially since its initial trading at $1 in 2011, the implications of its recent performance are vital for investors worldwide.

Here's What Bitcoin (BTC) Price Chart Is Telling Us Right Now

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