Bloomberg’s Mike McGlone Explains BTC Reversal, Analysts Predict Potential Crash
In his latest X post, Bloomberg Chief Commodity Strategist Mike McGlone shared why Bitcoin prices have reversed course, falling well below the recent all-time high of $108,268 and now falling even further to $93,000.
Has Bitcoin/Gold Peaked?
The analyst said the current reversal involves not only Bitcoin, but also gold and other risk assets. However, Bitcoin has been hit the hardest due to its heightened volatility. McGlone noted that volatility aside, Bitcoin’s current sharp decline is “just a return to normalcy.” Bitcoin is currently trading at $93,260, down more than 2% in the past day. Last week, it collapsed from $108,300 levels, down around 14%.
Is the market about to crash?
Rich Dad Poor Dad author Robert Kiyosaki in the latest X postal Suggesting that the collapse of the global economy and financial markets has begun. He said another depression may be coming and advised his followers to “get smarter with their money” and save their jobs and sources of income.
He said that no matter which way the economy goes, “gold, silver and Bitcoin retain their value.” He also said that for most people, an economic collapse is the best time to get rich. “I plan to become richer. I want you to become richer and smarter, too,” he shared.
Bitcoin crash fears
Furthermore, a recent report from the Kobeissi Letter suggested that Bitcoin could plummet by $20,000 in the coming weeks. The report noted Bitcoin’s relationship with the global money supply and said that if the cryptocurrency continues to move in tandem, significant declines are possible in the future. Notably, this prediction comes amid heightened market volatility, with Bitcoin recently falling below the psychological $100,000 mark.
Rekt Capital, another popular cryptocurrency market expert, also noted that the cryptocurrency “has confirmed a bearish engulfing candlestick pattern,” highlighting the market’s bearish momentum. He also noted that BTC has lost weekly support and its 5-week technical uptrend has ended. With this in mind, experts warn that cryptocurrencies may see weeks of correction ahead.
Nonetheless, institutional interest in Matador remains strong, with MicroStrategy continuing their Bitcoin buying trend.
