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Bloomberg analyst predicts end of massive price swings for Bitcoin (BTC), highlighting possible global economic reset.<\/strong><\/p>\n After multiple weeks of passive performance, Bitcoin (BTC) has dropped by over 3% in the last 24 hours. This seemingly minute price crash sent the global crypto market into a bleeding trend.<\/span><\/p>\n Meanwhile, Mike McGlone, a Senior Macro Strategist at Bloomberg Intelligence, recently weighed in on Bitcoin\u2019s overall dynamic.<\/span><\/p>\n In a tweet, McGlone highlighted that Bitcoin\u2019s era of big price jumps, either positive or negative, is likely over. The Bloomberg analyst particularly stated that BTC\u2019s volatility was declining. According to him, the decline follows a similar pattern as other prominent assets, as so far observed in 2023.<\/span><\/p>\n Are Big Bitcoin Pumps Done? Mainstream, Stablecoin Trajectory \u2013 #Bitcoin volatility is declining along with most assets in 2023, and the mainstream migration process is likely to entail diminishing risk for the #crypto \u2014 and limited price-pump potential. Divergent Bitcoin and\u2026 pic.twitter.com\/h5EH6EwNiL<\/p>\n \u2014 Mike McGlone (@mikemcglone11) August 17, 2023<\/p>\n<\/blockquote>\n – Advertisement –<\/span><\/p>\n Furthermore, McGlone mentioned that the decreasing volatility was because Bitcoin has graduated to becoming a more mainstream asset accepted by institutions. The analyst theorized that the situation translates to an era where investors now face less risk in buying and holding BTC.<\/span><\/p>\n \u201cThe mainstream migration process is likely to entail diminishing risk for the crypto \u2014 and limited price-pump potential,\u201d<\/span><\/i> McGlone remarked.<\/span><\/p>\n This view implies Bitcoin is now less likely to experience the large price swings which it has been known for in the past. The analyst now sees Bitcoin following a stablecoin trajectory.\u00a0<\/span><\/p>\n Meanwhile, the Bloomberg analyst spotlighted another crucial aspect of Bitcoin\u2019s performance that suggests an incoming significant bearish trend.\u00a0<\/span><\/p>\n McGlone noted that Bitcoin and copper have been moving in opposite directions since the first quarter of the year. He stated that the divergence between Bitcoin and copper spells severe economic drifts, including a global economic reset.<\/span><\/p>\n Additionally, the analyst highlighted the weakness observed in China\u2019s economic indicators and the ongoing tightening of monetary policies by central banks. <\/span><\/p>\n The implication is that the price of Bitcoin could depress in the coming weeks due to less demand, albeit with mild volatility. <\/span>At press time, Bitcoin trades at $28,316, with a cumulative 3.75% decline over the past week.<\/span><\/p>\n Follow Us<\/strong> on Twitter and Facebook.<\/span><\/p>\n Disclaimer<\/strong>: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic\u2019s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.<\/p>\n -Advertisement-<\/p>\n<\/div>\n<\/div>\nBitcoin Era of Huge Swings Over?<\/span><\/h2>\n
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Projected BTC Price Fall<\/span><\/h2>\n