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Bitcoin may correct to $50,000 — expert
Bloomberg strategist Mike McGlone believes that BTC currently appears overvalued relative to gold — the Bitcoin/Gold ratio has risen to around 20x, while the Bloomberg Economics model indicates a “fair value” closer to 13x.
An additional risk is the extremely low volatility in the stock market. According to McGlone, such “overconfidence” in the markets often precedes a decline in risk assets, including Bitcoin.
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