Mike McGlone, senior macro strategist at Bloomberg Intelligence, warns that Bitcoin is losing its digital gold status and becoming dependent on U.S. equities. The analysis identifies three bearish signals: the price rebound stalled below the key psychological level of $80,000, federal funds futures are pricing in another 70 basis points of Fed rate hikes, and the S&P 500 has moved critically far above its 200-week moving average. Over the past five years, Bitcoin’s returns have merely matched those of the S&P 500 while exposing investors to nearly three times as much volatility, undermining its safe haven status. According to McGlone’s calculations, if the S&P 500 enters a correction phase and loses 20 percent, Bitcoin could plunge toward the $10,000 area, its long-term fundamental pivot.
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