Bloomberg Intelligence strategist Mike McGlone warns that Bitcoin remaining below the $80,000 mark could signal further weakness against U.S. Treasury bonds.
His comparison shows the iShares Bitcoin Trust (IBIT) falling behind the long term Treasury ETF (TLT), with their relative performance ratio sitting at 81 on October 30, against a baseline of 100 at the end of 2024.
McGlone argues that if bonds continue outperforming Bitcoin, it could be a warning sign for broader risk assets.
The key level now is $80,000. Bitcoin’s ability to reclaim and hold it could become important in determining whether this relative weakness continues.
#BTC Price Analysis# #Macro Insights# $BTC $LIT
His comparison shows the iShares Bitcoin Trust (IBIT) falling behind the long term Treasury ETF (TLT), with their relative performance ratio sitting at 81 on October 30, against a baseline of 100 at the end of 2024.
McGlone argues that if bonds continue outperforming Bitcoin, it could be a warning sign for broader risk assets.
The key level now is $80,000. Bitcoin’s ability to reclaim and hold it could become important in determining whether this relative weakness continues.
#BTC Price Analysis# #Macro Insights# $BTC $LIT
