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BTC price could be showing signs of weakening, according to an analyst. Bitcoin could still be the "fastest horse" in the risky asset race, but its signals are not encouraging for the bulls, according to Mike McGlone of Bloomberg.
Bitcoin has struggled to match its last all-time high from March, but another metric suggests deeper systemic weakness.
BTC/USD, McGlone points out, is currently around 11 times the value of the S&P 500, which is near its all-time highs.
In the first quarter of 2020, Bitcoin was at its peak, reaching 15 times the S&P in a record that has never been surpassed. In contrast, the future could see a fall of 50% from that moment.
"Is the fastest horse indicating that the race is over?" asked McGlone.
#CryptoObserver