BTC price reaches 11 times the S&P 500 - analyst says this means Bitcoin is "slipping"
The price ratio of Bitcoin to the S&P 500 is around 11 times, which indicates that Bitcoin is "falling back".
Data shows that Bitcoin reached 15 times the S&P 500 in the first quarter of 2020, a record high. But this ratio has been declining in recent years, and this year's peak is only 14 times.
Mike McGlone, a senior commodity strategist at Bloomberg, believes that this may mean that the "fastest horse" is "warning" that the race for Bitcoin may be over. He expects the Bitcoin/S&P 500 ratio to fall to 7 times, which means that the price of Bitcoin may fall sharply in the future.
Although Bitcoin has recently rebounded and returned to the $60,000 mark, analysts believe that it still faces the risk of "lower points". This may indicate that Bitcoin's performance is gradually weakening compared to other risky assets.
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