27. August 2023 By admin Off

Bitcoin Downturn? McGlone Predicts Price Could Drop Below $25k

• Mike McGlone of Bloomberg Intelligence believes that Bitcoin will suffer in case of an economic downturn.
• He states that if the global economy faces a deflationary recession, Bitcoin’s price could drop below $25,000.
• McGlone predicts that eventually Bitcoin will reach $100,000 but it must first show strength against traditional safe-haven assets like gold and treasury bonds.

Mike McGlone’s Bearish Stance on Bitcoin

Bloomberg Intelligence’s senior macro strategist Mike McGlone is expressing bearish sentiment on Bitcoin (BTC) in the near term. In a recent interview, he says that if we have an economic downturn, “Bitcoin will suffer” and its price could drop below $25,000.

Bitcoin’s Hopium Bubble Burst

McGlone points out that Bitcoin peaked at around $31,000 due to the hype surrounding ETFs and other hopeful news but has since dropped back down to around $26,000. He believes that this is a sign of divergent weakness compared to other risk assets which are continuing to rise.

Economic Reset Could Mean Lower Prices for BTC

McGlone suggests that an “economic reset” could mean continued downward pressure for the price of BTC in the short term. However, he still maintains his long-term bullish stance on the crypto asset and predicts it will eventually hit six figures one day.

Comparing Bitcoin To Other Assets

McGlone believes that for Bitcoin to truly thrive it needs to start showing strength against traditional safe-haven assets such as gold and treasury bonds in a deflationary environment. This means trading more like these assets during periods of economic turbulence or recession rather than going down with them as it has been doing recently.

Current Price Of Bitcoin

At the time of writing this article, BTC is trading at around $26,079 according to market data from CoinMarketCap and various exchanges worldwide.