Bitcoin (BTC) is trading in both a month-over-month (MoM) and year-to-date (YTD) uptrend. However, what some investors are seeing as ‘momentum’ for the leading cryptocurrency, others believe could be a short run that is deemed to end, dragging the stock market with it.
This is the case of Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, according to a post made on X, on October 12.
“Bitcoin may lead [a] great reset by going down (because it went up). Some may call it momentum, but the technical mantra that ‘it will go up because it rose’ (…) is showing the opposite in crypto assets and base metals.”
— Mike McGlone (@mikemcglone11)
“Recession fuel if the S&P 500 follows Bitcoin and Metals”. Source: Bloomberg Intelligence
Bitcoin price analysis
Meanwhile, Bitcoin is changing hands by $26,814 at the time of publication. BTC is trading with 1.3% losses in the last 24 hours, with no major volatility in the day, despite U.S. CPI data being recently released.
BTC YTD price chart. Source: Finbold
Notably, the uptrend — or momentum — mentioned by Mike McGlone still remains visible in the year-to-date price chat, with over 62% gains since the BTC price at $16,540 at the beginning of 2023. The month-over-month uptrend is also visible since September 12, when Bitcoin traded sub $25,000.
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