Bitcoin's Recent Price Decline Explained by Bloomberg Analyst

According to Odaily, Bloomberg Intelligence's Senior Commodity Strategist, Mike McGlone, recently discussed the reasons behind the recent decline in Bitcoin prices on the X platform. McGlone noted that the current market downturn is not exclusive to Bitcoin, as gold and other risk assets have also experienced declines. He attributed Bitcoin's larger drop to its higher volatility, describing it as a 'normal correction' for the cryptocurrency. McGlone further commented on the performance of the S&P 500 index, which has not seen significant declines in the fourth quarter of this year. However, he cautioned that this trend might not continue, particularly as growth momentum is unlikely to be sustained into 2025.