Bloomberg analyst McGlone: Periods of hard price action are over for Bitcoin

Mike McGlone, chief commodities analyst at finance giant Bloomberg, said that while Bitcoin is still far from the bottom of volatility, it will no longer be as harsh as before and rapid price movements should not be expected.
While the volatility of the old years in Bitcoin was not seen except for certain periods, Mike McGlone said that those times are now behind.
“The old 'pump' days are gone”
Evaluating the volatility level of Bitcoin in his latest report on Bloomberg, the commodity analyst added that the volatility of the largest cryptocurrency is still very high compared to gold:
“Bitcoin has a long way to go for its volatility to drop. There is still 3 times difference with gold. However, it is 12 times lower than the volatility level in 2018… This drop in volatility also makes Bitcoin a less risky asset now. We can now say that the old 'pump' days in Bitcoin are over.”
As it is known, Bitcoin started to attract more attention from the traditional finance field, especially after BlackRock's ETF application.
8 thousand dollars increased in 1 week
Despite McGlone's statement, "The hard movements are over in Bitcoin," the movements of the biggest crypto money two months ago remain in the memories. After the Fed's interest rate decision in June, Bitcoin fell to $ 24,700, but then rose to $ 32 thousand within a week.
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