Foreign media reports that Bloomberg analyst Mike McGlone believes Bitcoin may face deeper downward pressure after reaching $100,000. Despite the strength of traditional financial markets and the continuous record highs of US stocks, Bitcoin's recent performance has not kept pace.
Compare with the trend in 2018
McGlone noted that Bitcoin plummeted from around $10,000 to nearly $3,000 in 2018. He believes the current market is showing similar signs of a "price reversion." Bitcoin's rapid rise above $100,000 followed by a slowdown in momentum has made him cautious about its future trajectory.
Bitcoin underperforms record US stocks
He pointed out that a noteworthy recent signal is that Bitcoin has lagged behind while US stocks have hit new highs. According to him, if risk assets as a whole remain strong, and Bitcoin fails to continue leading the pack, it may indicate that market enthusiasm for chasing its price is waning.
Pay attention to capital absorption in a weak market
The article argues that the key going forward is not just whether Bitcoin can maintain its high levels, but more importantly, whether funds will remain invested in this asset if the market environment weakens. McGlone did not provide a specific price prediction, but he stated that if Bitcoin cannot regain relative strength, its current weakness could continue to be amplified by the market.
