Seasoned commodity strategist Mike McGlone says bitcoin is now riskier relative to stocks, while he further warned that economic downturn pressures may hold silver prices at bay.
Bitcoin Volatility Low, Silver Faces Challenges: McGlone
In a client communication dated August 2, 2023, the prominent Bloomberg Intelligence analyst observed that bitcoin’s 180-day volatility, hovering near record lows around 46%, frequently heralds a favorable turn in price. However, he issued a cautionary note that the cryptocurrency’s deviation from the Nasdaq 100 starting late in Q1 might signal more widespread frailty in risk assets, especially if stocks pull back amidst usual second-half market swings, continuing Fed tightening, and receding fears of a recession.
#Bitcoin 180-day volatility is the lowest ever at about 46% at the start of August, which is typically bullish for prices. My main concern is that divergent Bitcoin price weakness vs. equities since the end of 1Q may imply pressure on all
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