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coinpedia 2024-12-23 17:46:17

Bloomberg’s Mike McGlone Explains BTC Reversal, Analysts Predict Potential Crash

Bloomberg’s Mike McGlone Explains BTC Reversal, Analysts Predict Potential Crash

The post Bloomberg’s Mike McGlone Explains BTC Reversal, Analysts Predict Potential Crash appeared first on Coinpedia Fintech News Bloomberg’s chief commodity strategist Mike McGlone in a latest X post has shared why the Bitcoin price has reversed and went way below its recent all time high of $108,268 and has dropped even further to $93,000, at the moment. Has Bitcoin/Gold Peaked? Just a bit of normal reversion in stretched risk assets may be what peaking #Bitcoin / #gold is sniffing out, and the crypto is among the riskiest. That the S&P 500 hasn't had a 10% drawdown since 4Q23 is unlikely to be sustained in 2025, if history is a… pic.twitter.com/oZas9mw1q3 — Mike McGlone (@mikemcglone11) December 23, 2024 Has Bitcoin/Gold Peaked? The analyst has remarked that the current reversal not only concerns just Bitcoin, but gold and other risk assets as well. However, due to its elevated volatility, Bitcoin has been hit the hardest. Mc Glone noted that the current major Bitcoin drawdown, aside from the volatility was “Just a bit of normal reversion.” Bitcoin is currently trading at $93,260, down over 2% in the past day. In the last week, it shed approximately 14% as it collapsed from the $108,300 level. Market Crash Ahead? The Rich Dad Poor Dad author Robert Kiyosaki in a latest X post has hinted that the global crash of economies and financial markets has started. He shared that another depression might be on the horizon and advised his followers to be ‘smarter with their money’ and hold on to their jobs and sources of income. He remarked that regardless of which way the economy goes, ‘gold, silver, and Bitcoin hold their value.’ He also shared that for most people, crashes are the best times to get rich. “I plan on getting richer. I want you to get richer and smarter too,” he shared. BTC Crash Concerns Besides, A recent report from The Kobeissi Letter hints at a potential BTC crash by $20,000 in the coming few weeks. The report noted Bitcoin’s relation with the global monetary supply, saying that if the crypto continues to move in tandem, it could see a massive dip ahead. Notably, this prediction comes amid heightened market volatility, with BTC recently dropping below the psychological $100K mark. Is Bitcoin overdue for a correction? In the past, #Bitcoin prices have followed global money supply with ~10 week lag. As global money supply hit a new record of $108.5 trillion in October, Bitcoin prices reached an all-time high of $108,000. Over the last 2 months, however,… pic.twitter.com/i80ym4Wu7F — The Kobeissi Letter (@KobeissiLetter) December 21, 2024 Another popular crypto market expert Rekt Capital also noted that the crypto “has confirmed a Bearish Engulfing Candlestick formation”, highlighting the bearish momentum in the market. He also noted that BTC has lost its weekly support and its 5-week technical uptrend is over. Considering which, the expert has warned over a potential multi-week correction for the crypto ahead. Nevertheless, the institutional interest stood strong with Matador and MicroStrategy also continued their Bitcoin buying trend.

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