Market participants are continuing to point out that Bitcoin has been going through a series of defining moments.Per the March edition of Bloomberg Intelligence’s (BI) Crypto Outlook Report, 2022 is set to be another major test for the pioneer cryptocurrency.
Bitcoin appears poised to best the stock market
In the report published by BI’s team of analysts led by chief commodity strategist, Mike McGlone, market trends in both the stock market and crypto market were compared.
From the cross-examination, it was noted that two major trends seem to be gaining ground in the Bitcoin market.These were the facts that at the moment Bitcoin is appearing to be giving the Nasdaq 100 index stiff competition, and also recording declining relative volatility.
Using Bitcoin’s 260-day volatility metric, the report pointed out that Bitcoin had about 3x the volatility of the Nasdaq 100.However, the current volatility is nowhere near the amount of volatility that Bitcoin faced back in December 2017 when Bitcoin futures trading launched.
Based on the assessment, the analysts asserted that 2022 could be the year that Bitcoin gains the upper hand over the stock market.This could happen if the stock market enters an “elusive bear market.”
Not partially allocating to Bitcoin as it progresses into the mainstream may remain the greater risk for most asset managers, the report observed.
Notably, the bullish theme of this month’s report carries on from last month.
The previous https://coingape.com/bloomberg-predicts-100000-as-bitcoins-next-stop-but-how-fast-will-this-happen/ highlighted that the price of Bitcoin seems to have $100,000 programmed as the next significant level to overcome.
Is Bitcoin breaking away from stocks already?
Bitcoin crashed along with the stock market after Russia declared war on Ukraine , but has been recovering gradually.
BI’s report notes that Bitcoin is already showing divergent strength, and breaking away from being correlated with traditional stocks.
The report points out that the week before the conflict began, Bitcoin and the Nasdaq 100 index closed at around $40,000 and $14,000 respectively.
Following the onset of the conflict, the stock market crashed to being down 13% year to date, while Bitcoin fell only 5%.However, Bitcoin seems to already be building support at the $40,000 price level while the stock market seems to be pressing lower.
– [Bloomberg: Bitcoin (BTC) Could Outperform Stocks In 2022]
– [Russia-Ukraine Conflict Helping Bitcoin To Become Global Digital Collateral: Mike McGlone]
– [Russia-Ukraine Ceasefire Talks Resume In Belarus]
– [“SEC Shall Take Some Losses From Time to Time”- SEC Chair Gary Gensler]
– [Breaking: Ukraine Cancels Awaited Airdrop For Crypto Donors]
– [How Expert Discovery In XRP Vs SEC Case Is Paving The Way For A Ripple Win]
– [Breaking: Ukraine’s Planned Airdrop Likely Targeted By Phishing Attempt]
– [Ripple Vs SEC: Crucial Rulings Awaited In Ripple Lawsuit This Week?]
– [Bitcoin Accumulation Phase Kicks Off With Newbie Holder Evolution]
– [European Union To Ensure Russia Cannot Dodge Sanctions Through Crypto]
– [Shiba Inu (SHIB) Price Prediction: SHIB Slips Below 50-day EMA Eyeing February Lows At $0.000020]
– [XRP Price Prediction: XRP Set To Jump Towards 200 EMA; Good Time To Enter!]
– [Ekta Price Analysis: Why EKTA Price May Reclaim Its $4.2 mark?]
– [Ethereum (ETH) Price Prediction: ETH Bears Set Eyes On $2,560 ahead of Russia-Ukraine Peace Talks]
– [Cardano (ADA) Price Prediction: ADA Could Revisit $0.80 As Bears Remains Dominant]
– [Ripple (XRP) Price Prediction: XRP Could Test $0.70 Below 50-day EMA]
– [Cardano Price Prediction: ADA Chart Hints 14% Downside Risk As Buyers Struggles To Break $1]
– [KuCoin Price Analysis: KCS Price Prepares To Kickstart Another Recovery; Ready To Buy?]
– [Avalanche (AVAX) Price Prediction: AVAX Aims for $100 as Russia’s Ukraine Invasion Clouds Central Banks Aggressive Rate Hike Bets]
– [Floki Inu Price Analysis: Houbi Listing Skyrockets FLOKI Price, But Can Floki Make This R/S Flip?].
