đ Bitcoin's Rollercoaster Ride: $81K on the Horizon? đ
Bitcoin's price dipped below $60,000 midweek after a weekend surge past $65,000, driven by the Fed's pivot to lower interest rates. Despite this volatility, Bloomberg's Mike McGlone remains cautious, suggesting BTC's enthusiasm might be waning. He points out that the Bitcoin/S&P 500 ratio, now at 11x, peaked at 15x in 1Q21.
However, BTC bulls like Marathon Digital are optimistic. If Bitcoin hits 15x the S&P 500 again, it could soar to $81,818! Blockstream CEO Adam Back even targets $80,000 based on hedge fund predictions. With the fourth halving just five months ago, there's plenty of room for this bull to run. đđ
When the hangover clears, who knows? Diamond hands might just find themselves in profit! đ°