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In November 2021, Bitcoin hit an all-time high of about $69k, but since then, both the coin and the wider crypto market have lost those gains. Despite the ongoing bearish sentiments, historical data indicated that Bitcoin could be in for another rally in 2023. According to commodity strategist Mike McGlone, the dominant coin might be […]
ShapeShift CEO Erik Voorhees expects Bitcoin to reach $40,000 by the summer, while Tim Draper has stood by his $250,000 prediction for the second year running.
The senior commodity strategist is bullish on Bitcoin, revealing on Oct. 18 that its relative discount to hash rate has hit levels not seen since the first quarter of 2020.
With the Merge resulting in a ‘buy the rumor, sell the news event,’ Mike McGlone thinks that ETH might drop to “$1,000, or even get a bit lower" given how hawkish the Fed has been.
The commodity strategist has pegged Bitcoin to rebound strongly from the bear market despite headwinds for high-risk assets.
As Bitcoin continues ranging between the $29K and $30K zone, the leading cryptocurrency’s inflection point is at $30,000, according to Mike McGlone, the senior commodity strategist at Bloomberg Intelligence. (Read More)
Bloomberg’s Senior Commodity Strategist, Mike McGlone believes the Russia-Ukraine conflict “may mark another step in #Bitcoin's maturation toward becoming the global digital collateral.” (Read More)
To the sound of war drums between Russia and Ukraine, Bitcoin continued its downward spiral on Monday. Over the weekend, the digital currency par excellence lost crucial support below $40,000, and on Monday, it made a low below the next control zone at $37,000. Despite closing near $38,000, the crypto currency is swinging around the aforementioned crucial support, according to TradingView data, and threatens to extend its losses. Bitcoin’s price has dropped for six days in a row. Late last night, the pioneer fell to $36,545 — its lowest level in two weeks. This is around 45 percent lower than the all-time high set in November. BTC/USD trades at $37k. Source: TradingView Sentiment Shift Extreme Fear Experts, on the other hand, are becoming pessimistic after the digital currency fell sharply after failing to break through the $45,000 resistance barrier, and many anticipate that the $30,000 level will be reintroduced. It’s understandable that investors are concerned, given how crypto values have fluctuated in recent months. The Federal Reserve’s decision to scale back on pandemic-related economic stimulus measures, as well as mining difficulties in Kazakhstan, initially weighed on prices. However, most cryptos have struggled to regain any traction. Bitcoin Fear and greed index. The index serve as a good indicator of investor sentiment. It considers a variety of indicators, including as trade volumes, social media activity, and volatility. The market scored 84 in November, when prices were at all-time highs, putting it in severe greed territory. Related Reading | Bitcoin Prices Bear The Brunt Of Long Liquidations And Geopolitical Tensions Bloomberg Analyst Optimistic Mike McGlone, a senior commodity strategist at Bloomberg, has an intriguing prediction for Bitcoin. McGlone had already tweeted on Sunday, February 20, that Bitcoin could suffer significant headwinds in the near future. He goes on to say that inflation won’t go down unless risk assets fall, which hasn’t happened yet. Despite the grim short-term forecast, McGlone believes Bitcoin is on the verge of establishing a new trend. McGlone also stated that a majority of assets will respond to the “ebbing tide” in 2020, as the Fed’s financial tighten policies. However, as inflation tightens its grip, McGlone predicts Bitcoin will reach a key milestone in 2022. Last Sunday, the Bloomberg analyst wrote on Twitter, ” Bitcoin indicating a rough week ahead – Inflation Unlikely to Drop Unless Risk Assets Do: Most assets are subject to the ebbing tide in 2022, on the inevitable reversion of the greatest inflation measures in four decades, but this year may mark another milestone for Bitcoin. #Bitcoin indicating a rough week ahead – Inflation Unlikely to Drop Unless Risk Assets Do:Most assets are subject to the ebbing tide in 2022, on the inevitable reversion of the greatest inflation measures in four decades, but this year may mark another milestone for Bitcoin. pic.twitter.com/drnXyYea4F — Mike McGlone (@mikemcglone11) February 20, 2022 McGlone previously said that Bitcoin has shown divergent strength as compared to equities. BTC is expected to reach $100,000 in 2022, according to Bloomberg’s Crypto Market Outlook for February. McGlone is positive on Ethereum (ETH) and stablecoins, commonly known as “crypto dollars,” in addition to Bitcoin. Price prediction when it comes to Bitcoin has always been measured and conflicting. Some analysts are advising investors to purchase the drop in the hope of seeing the pioneer cryptocurrency reach $100,000 this year. Others are anticipating a crypto winter, with the price plummeting to zero. Related Article | TA: Bitcoin Resumes Slide, Why BTC Bears Aim $35K Featured image from Unsplash, chart from TradingView.com
Bitcoin and Ethereum have led the market in the recent downturns that have rocked the market. These two digital assets are no doubt market movers in their own right and as such, uptrends or downtrends begin with them. It has raised concern among investors who believe that the market is finally heading into a stretched-out bear market. However, not everyone believes this as some believe the current downtrend is only temporary. Mike McGlone On Bitcoin And Ethereum Mike McGlone is one of the leading Bloomberg analysts. Focused on the financial market, he authors a newsletter that shares his thoughts around various markets, including stocks and the crypto market. McGlone is currently one of the people with the most optimistic view of the market despite the various dips that have rocked the space. Most especially on the top digital assets in the crypto market. Related Reading | Solo Ethereum Miner Hits The Jackpot With 170 ETH For Mining A Block McGlone who was on The Wolf of all Streets podcast shared some interesting thoughts on the market, putting the analyst at an overall bullish position for bitcoin and ethereum. BTC down to $38K | Source: BTCUSD on TradingView.com The analysts point to the correlation with the stock market. This, he explains, is getting ready for a pullback and when this happens, bitcoin and by extension, ethereum, would benefit from this correction. “Here’s my prediction: the markets pull back,” said Mike McGlone. “We finally get a 10%, maybe 20%, correction in the stock market. All correlations are one, which is usually the way it works. Bitcoin comes out better off for it. Ethereum, potentially too.” This pullback though is only reflected on the top two cryptos which McGlone expects to recover after this. Other Cryptos May Not Fare Well Talking about other cryptocurrencies, the analyst took a more bearish stance on them. The positivity displayed in the podcast towards top coins bitcoin and ethereum did not translate to the rest of the market which he does not expect to fare well despite the pullback. Related Reading | Ethereum Fee Averages Remain Above $30 Despite 35% Drop. Price Pump Incoming? McGlone especially focused on dog coins which were arguably the winners of 2021. The craze which saw various meme tokens with no utility whatsoever soar to billions of dollars in valuation was referred to as “stupid” by the Bloomberg analyst. “The rest of the space, we do have to admit, the speculation you saw in the dog coins last year was indicative of this. It’s just stupid and we’re going to tell the story to our grandkids,” he said. Even for a digital asset like Solana which had a largely successful year, McGlone did not seem excited about it. He lumped SOL in with the dog coins, which he said were the riskiest of assets. “The bottom line is they are the riskiest of assets,” said McGlone. “There’s massive speculation. I mean the dog coins and even in things like Solana,” he added. Featured image from Bitcoin news, chart from TradingView.com
Mike McGlone said that they expect the US to be crypto-friendly in 2022. He made this statement based on his ...
Bitcoin jump over $50,000 last Friday. The data shows this is the BTC’s highest inflation in 40 years. Mike McGlone ...
Many analysts agree that the "dynamic support" could boost accumulation sentiment in the Ethereum market.
A Bitcoin ETF could be approved by U.S. regulators by October. according to Bloomberg Intelligence Commodity Strategist Mike McGlone.
Both Bitcoin and Ethereum are on the uptrend today as the potentials for new price growth builds up. (Read More)
The declaration appears as Bitcoin pops back above $50,000, with its addition in a Gold-Bond portfolio outperforming the S&P 500 index.
Bloomberg’s commodity market expert Mike McGlone warns of a potential downturn for bitcoin, highlighting its disappointing performance against gold since its peak in 2021. On Sunday, McGlone pointed out that the bitcoin/gold ratio had plummeted by about 40% from its 2021 zenith of 37 times. McGlone Highlights Bitcoin-to-Gold Ratio, Warns of Potential Downturn vs Gold [...]
The post Commodity Analyst Mike McGlone Says Gold Glitters Over Bitcoin as Crypto-to-Metal Ratio Plunges Post-2021 appeared first on Crypto Breaking News.
At the start of the week, a troy ounce of .999 fine gold was trading at $1,813 per unit. Seven days later, gold rose 9.65% against the U.S. dollar to the current spot price of $1,988 per ounce. Gold’s rise comes at a time when confidence in the global banking system is at an all-time [...]
The post Analysts Suspect Banking Crisis Triggered ‘Resting Bull Market’ in Gold, Silver Could Print Much Higher Gains appeared first on Crypto Breaking News.
Bitcoin, the world’s largest and most well-known cryptocurrency, has had a tumultuous past few days, and according to Mike McGlone, a senior macro strategist at Bloomberg Intelligence, the volatility in the BTC market could very well impact other risk assets. McGlone believes that BTC’s influence on the market has become contagious, and as a result, other risk assets could be negatively affected if the price of BTC continues to decline. McGlone’s comments are a reflection of the growing awareness of BTC’s influence on the global economy. As BTC continues to gain mainstream acceptance and adoption, its movements are being closely watched by investors and policymakers alike. Related Reading: PEPE Token Futures Cast Gloom For Investors As Prices Plummet By 45% Risk Assets At Risk? Bitcoin Network Congestion Raises Concerns At a time when the Bitcoin network is currently facing unprecedented levels of congestion due to the influx of Ordinals, McGlone has shared his views on the potential impact of Bitcoin’s price decline on other risk assets. Over the weekend, the congestion became so severe that major trading platforms like Binance were forced to temporarily halt some transactions. Bitcoin Could Pace Declines for Risk Assets – If the worst isn’t over for risk assets, #Bitcoin may lead the way lower. pic.twitter.com/UlEVjCEKwr — Mike McGlone (@mikemcglone11) May 8, 2023 According to McGlone on Twitter, if the current decline in the value of risk assets continues, Bitcoin has the potential to lead the rest of the volatile asset class downwards. He emphasized that the influence of Bitcoin on the market is now contagious, and its impact can be felt across the financial system. In other words, if Bitcoin’s price continues to drop, it could trigger a domino effect that results in the decline of other risky assets. Bitcoin’s Network Congestion, Volatility Raise Regulatory Concerns McGlone’s comments regarding the potential impact of Bitcoin’s price volatility on the broader financial system come at a time when investors are growing increasingly worried. The cryptocurrency’s fluctuations could potentially have ripple effects on the global economy, underscoring the need for regulatory oversight. BTCUSD drops the $28K handle. Chart: TradingView.com Related Reading: Ethereum Gas Fees Skyrocket: What Does It Mean For Investors? Meanwhile, the current BTC price, as reported by CoinGecko, has decreased by 0.89% in the past 24 hours and 1.28% over the last seven days, indicating a general downward trend. Source: CoinMarketCap This downward trend could exacerbate concerns about Bitcoin’s potential impact on the financial system and prompt calls for increased regulatory measures. The recent halt of transactions on major platforms such as Binance due to network congestion issues also highlights the urgent need to find a solution. If left unaddressed, network congestion could lead to significant disruptions in the cryptocurrency market. As such, regulators must take swift action to mitigate the risks associated with the market’s volatility and ensure its stability. -Featured image from Global News
Seasoned commodity strategist Mike McGlone says bitcoin is now riskier relative to stocks, while he further warned that economic downturn pressures may hold silver prices at bay. Bitcoin Volatility Low, Silver Faces Challenges: McGlone In a client communication dated August 2, 2023, the prominent Bloomberg Intelligence analyst observed that bitcoin’s 180-day volatility, hovering near record [...]
The post Bitcoin Faces Increased Risk Relative to Stocks: Commodity Strategist Mike McGlone Warns of Challenges appeared first on Crypto Breaking News.
Bitcoin (BTC) and crypto may yet see a long-term correction thanks to central banks keeping liquidity tight, Bloomberg warns. In its latest research, Bloomberg Intelligence revealed cool stance on the ongoing 2023 crypto market rally. Bloomberg: Expecting BTC price to hold “may be illogical” Despite gaining 70% in Q1, Bitcoin is not convincing everyone that [...]
The post Bitcoin ‘faces headwinds’ as US money supply drops most since 1950s appeared first on Crypto Breaking News.
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