Bloomberg Intelligence Senior Commodity Strategist Mike McGlone assessed the recent decline in cryptocurrency markets and the record highs in gold prices.
The recent pullback in cryptocurrency markets and Bitcoin’s (BTC) slide below critical support levels are worrying market experts. Bloomberg Intelligence strategist Mike McGlone, speaking on a podcast, described Bitcoin’s current outlook as “Bit-Dog,” highlighting technical levels.
McGlone noted that Bitcoin’s recent bull run was “a tremendous surge” fueled by the halving, ETF inflows, and the Trump administration’s support for the sector, but that this process has now peaked. The analyst said the market is currently experiencing a “classic bull market peak”-like decline, which is dragging down other assets.
Pointing out that the Bloomberg Galaxy Crypto Index fell 21%, McGlone said, “Bitcoin is currently down about 10% year-over-year. The real question is where it goes from here. The fact that stock market volatility (VIX) is so low while cryptos are falling suggests we may see more risk-off (de-risking) towards the end of the year.”
McGlone, assessing the situation from a technical analysis perspective, argued that the $100,000 level was a psychological support level, but that it was rapidly being lost. He gave the following figures for the current outlook:
Support level: $84,000
Resistance level: $94,000,
McGlone painted a pessimistic picture, contrary to market expectations: “In my view, the risk of the $84,000 support being broken and the price heading towards $50,000 is higher than the chance of a rebound.”
The analyst reminded that the $50,000 level is a very strong historical key point dating back to 2020 and 2021.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/bloomberg-analyst-mike-mcglone-reveals-what-he-expects-for-bitcoin-going-forward-gives-two-levels/
