Bloomberg senior commodities strategist Mike McGlone recently released a midyear crypto outlook, which states that volatility should continue to decrease as the asset behaves more like gold. The report also says that primary demand and adoption indicators remain positive.
The report concludes that Bitcoin is set for a breakout with a target at the $13,000 resistance. Although this perspective is defensible, the arguments presented in the article seem flawed. Correlation metrics for the past six months have drawn Bitcoin away from gold’s hedge status, as it has been trading in sync with the most of the time.
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