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Bitcoin to Continue Outperforming Other Cryptos, McGlone Predicts
In a recent interview, crypto analyst and trader Peter McGlone shared his views on the current state of the cryptocurrency market. According to him, Bitcoin is likely to continue outperforming other cryptos in the near future.
McGlone pointed out that Bitcoin has not yet reached its expected correction, which would see it decline by 30-40% before rising again. He emphasized that this correction may still happen, and investors should be prepared for a potential downturn.
However, McGlone also noted that Bitcoin’s price action is currently decoupling from the broader market. In other words, while traditional stocks and indexes are experiencing significant corrections, Bitcoin remains relatively stable.
He cited data showing that on a 100-day basis, the Bitcoin to S&P 500 correction is approximately 0.50 – the highest in history. McGlone warned that crypto tends to go down by much more than expected during significant corrections.
Despite these risks, McGlone believes that Bitcoin will eventually start trading like gold and bonds in the future. In his view, this shift would make it a more stable asset, reducing its volatility and making it more attractive to institutional investors.
It’s worth noting that McGlone’s predictions are not without controversy. Some experts argue that his views on Bitcoin’s potential for growth are overly optimistic, while others believe he is underestimating the risks associated with investing in cryptocurrency.
Regardless of these differing opinions, one thing is clear: the crypto market remains incredibly volatile, and investors should be cautious when making investment decisions.
Source: u.today
