Bitcoin

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Bitcoin is still “rolling over” as its value versus the S&amp;P 500 stays well clear of all-time highs.
In his <a href="https://x.com/mikemcglone11/status/1828582997211435471" target="_blank" rel="noopener nofollow">latest analysis</a> on X, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, suggested that the risk-asset race “may be over.”
<h2 id="mcglone-bitcoin-suffering-from-a-hangover">McGlone: Bitcoin suffering from a “hangover”</h2>
Bitcoin has struggled to match its latest all-time high from March, but another metric suggests deeper systemic weakness.
BTC/USD, McGlone notes, is currently around 11x the value of the S&amp;P 500, which is itself near all-time highs.
In the first quarter of 2020, Bitcoin was on top, reaching 15x the S&amp;P — a record that has never been beaten. By contrast, the future may see a 50% drop from that time.
“Is the fastest horse signaling the race is over?” McGlone queried.
<blockquote data-ct-non-breakable="true">
 “At about 11x now, the Bitcoin/S&amp;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.”
</blockquote>
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-08/13b379d3-7653-4d92-85aa-f93533c4a946.jpeg" alt="Bitcoin price at 11x S&amp;P 500 signals BTC is ‘rolling over’ — Analyst" title="">
 <figcaption style="text-align: center;">
 Bitcoin/S&amp;P 500 chart. Source: Mick McGlone/X
 </figcaption>
</figure>
In subsequent interactions, he confirmed his theory that Bitcoin continues to “roll over.”
“The fastest horse in the race may be signaling the race is over,” he <a href="https://x.com/mikemcglone11/status/1828566750448775630" target="_blank" rel="noopener nofollow">wrote</a> while responding to a question over Bitcoin’s relatively lackluster performance versus other risk assets.
<a href="https://cointelegraph.com/news/bitcoin-price-stumbles-gold-price-hits-2-5-k-first-time-ever">As Cointelegraph reported</a><a href="https://cointelegraph.com/news/bitcoin-price-stumbles-gold-price-hits-2-5-k-first-time-ever"></a>, that performance stands out versus that of gold as well as the S&amp;P 500. XAU/USD saw new all-time highs of its own this month.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/2a88c49d-0d12-4c58-9201-d0109d469761.png" alt="Bitcoin price at 11x S&amp;P 500 signals BTC is ‘rolling over’ — Analyst">
 <figcaption style="text-align: center;">
 XAU/USD 1-day chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="btc-price-risks-lower-low-despite-60-000-rebound">BTC price risks “lower low" despite $60,000 rebound</h2>
BTC price action, meanwhile, continued to chop around $60,000 ahead of the Aug. 28 Wall Street open, per data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a>.
Related: <a href="https://cointelegraph.com/news/bitcoin-exchanges-third-biggest-net-daily-outflow-2024">Bitcoin exchanges are witnessing 3rd-biggest net daily outflow of 2024</a>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/11e3fd73-2bc3-4a1b-a832-3a5aea9dfab4.png" alt="Bitcoin price at 11x S&amp;P 500 signals BTC is ‘rolling over’ — Analyst">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
After a <a href="https://cointelegraph.com/news/bitcoin-long-term-holder-10-billion-price-falls-below-60k">snap liquidation cascade</a> overnight, BTC/USD saw a fresh visit to $58,000 before halting its downside.
“Still no break in the trend,” popular trader Crypto Chase <a href="https://x.com/Crypto_Chase/status/1828749576679068096" target="_blank" rel="noopener nofollow">determined</a> on the day, referencing a multimonth consolidation phase following the March highs.
<blockquote data-ct-non-breakable="true">
 “The bright side of all this consolidation is that a trend break should be a clear signal to all time highs. The not so bright side is that a lower low could be next (although I'd see that as a buying opportunity / should be bottom before ATH's).”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-08/7ea00256-e190-4dde-acf1-d59b6c914f52.jpeg" alt="Bitcoin price at 11x S&amp;P 500 signals BTC is ‘rolling over’ — Analyst">
 <figcaption style="text-align: center;">
 BTC/USDT perp chart. Source: Crypto Chase/X
 </figcaption>
</figure>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price at 11x S&P 500 signals BTC is ‘rolling over’ — Analyst

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