Bitcoin’s role in global finance is evolving beyond speculation, according to Bloomberg Intelligence’s Mike McGlone.
The senior commodity strategist argues that the cryptocurrency has become the clearest signal of investor risk appetite as traders wait for clarity on Federal Reserve policy.
$100K Remains the Anchor
McGlone highlighted that Bitcoin’s average price this year has hovered around $100,000 — a level he expects could be retested in the near term. Despite new record highs, he cautioned that a pullback is possible, particularly if volatility returns once the VIX climbs above 20.
Volatility Ahead
The strategist described the current market as unusually quiet, with crypto trading caught in a summer lull. He warned, however, that tightening monetary conditions, rising inflation risks, and broader economic slowdown could reignite turbulence, dragging Bitcoin back toward key support levels before year-end.
A Long-Term Signal
Even with near-term risks, McGlone believes Bitcoin’s place as a market barometer is here to stay. He described the token as the “world’s most speculative asset,” but also as a leading indicator of where investor sentiment is heading — making it a focal point for anyone tracking risk trends in the months ahead.
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Source: https://coindoo.com/bitcoin-signals-market-risk-appetite-says-markets-expert/