Analysts hint at tough week ahead for bitcoin as risk aversion climbs

On March 6, local time, Bloomberg senior commodity strategist Mike McGlone said on social media that bitcoin may plunge again, possibly to the $30,000 key point.

The analyst believes that bitcoin's decline in the morning Asian session could mean that its move could be very treacherous in the week ahead.

The chart he shared shows that bitcoin and Nasdaq 100 futures are converging and moving in close proximity to each other. He seems to be suggesting that bitcoin's correlation with U.S. stocks is increasing.