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Bitcoin to Continue Outperforming Other Cryptos, McGlone Predicts
In a recent interview, John McGlone, a well-known cryptocurrency analyst and trader, has shared his thoughts on the current market trends. According to McGlone, Bitcoin is expected to continue outperforming other cryptocurrencies.
McGlone emphasized that he did not expect any substantial correction in Bitcoin’s price, as it would be too early for such an event. However, he noted that a potential 30-40% correction could happen before the end of next year.
In terms of a comparison with traditional assets like stocks, McGlone pointed out that if Bitcoin were to double in value next year, U.S. stocks would need to go up by roughly 30%. “On a 100-day basis, the Bitcoin to S&P 500 correction is about 0.50,” he noted.
Noting his warning earlier this month that crypto tends to fall by much more than expected during significant corrections, McGlone predicted that it will be different this time. He believes that Bitcoin will not experience such a drastic drop-off, and instead, the asset’s price could continue its upward trajectory.
Furthermore, McGlone stressed that he sees Bitcoin in its early stages of becoming a global digital collateral, stating that while “it remains among the most risky assets,” it may start trading like gold and bonds in the future.
Source: u.today
