{"id":12199,"date":"2025-09-13T12:11:30","date_gmt":"2025-09-13T10:11:30","guid":{"rendered":"https:\/\/asicminergroup.com\/btc-hash-price-drop-signs-of-a-rise-like-in-2020\/"},"modified":"2026-10-30T21:24:18","modified_gmt":"2026-10-30T20:24:18","slug":"btc-hash-price-drop-signs-of-a-rise-like-in-2020","status":"publish","type":"post","link":"https:\/\/asicminergroup.com\/en\/btc-hash-price-drop-signs-of-a-rise-like-in-2020\/","title":{"rendered":"BTC Hash Price Drop: Signs of a Rise Like in 2020?"},"content":{"rendered":"

This article reflects the period discussed at its original publication. Market figures, availability and announcements are historical.<\/em><\/p>\n

Bitcoin continues to \u2018flip-flop\u2019 as its value compared to the S&P 500 remains far from all-time highs.
\nIn his latest analysis in X, Mike McGlone, senior commodities strategist at Bloomberg Intelligence, suggested that the run on risk assets \u2018may be over\u2019.<\/p>\n

McGlone: Bitcoin suffers a \u201changover\u201d<\/h2>\n

Bitcoin has struggled to match its last all-time high in March, but another metric suggests deeper systemic weakness.<\/p>\n

BTC\/USD, McGlone notes, is currently around 11 times the value of the S&P 500, which is near its all-time highs.<\/p>\n

In the first quarter of 2020, Bitcoin was at the top, reaching 15 times the S&P in a record that has never been surpassed. In contrast, the future could see a 50% drop from that point. <\/p>\n

\u2018Is the fastest horse indicating the race is over?\u2019 asked McGlone.<\/p>\n

As Cointelegraph reported, that performance also stands out compared to gold as well as the S&P 500. XAU\/USD hit new all-time highs of its own this month. <\/p>\n

\n

\n \u2018Currently at about 11x, the Bitcoin\/S&P 500 peak was 15x in 1Q20 and this year’s lower high was 14x. The biggest pumping of money in history and US ETF launches in the past tense could suggest a hangover, a pendulum swinging back towards 7x Bitcoin\/SPX\u2019.
\nMcGlone. <\/p>\n

McGlone<\/cite><\/p>\n<\/blockquote>\n

\"\"
\n In subsequent interactions, he confirmed his theory that Bitcoin continues to \u2018turn around\u2019.
\n\u2018The fastest horse in the race could be indicating that the race is over,\u2019 he wrote in response to a question about Bitcoin’s relatively lacklustre performance compared to other risk assets.<\/p>\n

\n
\n \"\" <\/a>
XAU\/USD \u2014 spot gold daily chart for August 2024, with recent bullish momentum.<\/figcaption><\/figure>\n

BTC price risks \u2018lower low\u2019 despite rally to USD 60,000
\n<\/h2>\n

BTC price action, meanwhile, continued to hover around USD 60,000 before Wall Street opened on 28 August, according to data from Cointelegraph Markets Pro and TradingView.<\/p>\n

After a rapid cascade of liquidations overnight, BTC\/USD recorded a revisit to USD 58,000 before halting its slide.<\/p>\n

\u2018There is still no break in the trend,\u2019 determined popular trader Crypto Chase on the day, referring to a multi-month consolidation phase after the March highs.<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin against the S&P 500 and gold: Mike McGlone\u2019s analysis and BTC price movements in the period discussed.<\/p>\n","protected":false},"author":1,"featured_media":11823,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[745],"tags":[],"class_list":["post-12199","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-analysis"],"acf":[],"_links":{"self":[{"href":"https:\/\/asicminergroup.com\/en\/wp-json\/wp\/v2\/posts\/12199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/asicminergroup.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/asicminergroup.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/asicminergroup.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/asicminergroup.com\/en\/wp-json\/wp\/v2\/comments?post=12199"}],"version-history":[{"count":2,"href":"https:\/\/asicminergroup.com\/en\/wp-json\/wp\/v2\/posts\/12199\/revisions"}],"predecessor-version":[{"id":18715,"href":"https:\/\/asicminergroup.com\/en\/wp-json\/wp\/v2\/posts\/12199\/revisions\/18715"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/asicminergroup.com\/en\/wp-json\/wp\/v2\/media\/11823"}],"wp:attachment":[{"href":"https:\/\/asicminergroup.com\/en\/wp-json\/wp\/v2\/media?parent=12199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/asicminergroup.com\/en\/wp-json\/wp\/v2\/categories?post=12199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/asicminergroup.com\/en\/wp-json\/wp\/v2\/tags?post=12199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}