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Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has stressed his recent bearish forecasts for Bitcoin, adding Dogecoin to it as well this time.
The expert believes that despite the current state of things for Bitcoin and Dogecoin seems to be fine as the trendline is holding the support, it will eventually get breached, pushing the crypto market down.
Bear market bounce coming
McGlone published a chart showing DOGE and “Bitcoin/gold” cross moving together. In this context, by the “Bitcoin/gold cross” the expert likely means some sort of variation of a traditional “golden cross” pattern based on intercrossing metrics of Bitcoin and gold.
Bloomberg’s strategist stated that choosing between what is to happen next on this chart, a bear market bounce or a new bull run, he reckons it will be the former. “The Bitcoin/gold cross and Dogecoin have same-chart syndrome,” he said. Despite the trendline support still holding well, he said he eventually expects it to break down since currently the stock market is plunging, entering the recession that was prepared to but never arrived in 2023.
Here McGlone stressed his expert take that Bitcoin and other cryptocurrencies are strongly correlated with the stock market and its leading indexes — S&P 500, Nasdaq and Dow Jones.
Yuri MolchanBitcoin reclaims $94,000, Bitcoin ETFs absorb $912.7 million
On April 21, McGlone predicted once again that Bitcoin is likely to collapse to $10,000 from the levels where it is trading currently. Over the last 24 hours, however, Bitcoin has surged by more than 6%, soaring from $88,610 to $94,100 as the new SEC chairman Paul Atkins called the establishment of new regulatory foundations for digital assets that would be fair and adequate.
Besides, spot Bitcoin ETFs witnessed a staggering netflow of $912.7 million in a single day for the first time since January.
Robert Kiyosaki reveals his Bitcoin holdings
The famous investor and author of the book “Rich Dad Poor Dad” Robert Kiyosaki has unveiled his Bitcoin holdings, well, in a way. He stated that he holds “plenty of Bitcoin” and currently he is also buying “more silver eagles today,” meaning coins. Aside from Bitcoin, Kiyosaki also bets on gold and silver, naming the latter to be “the biggest investment bargain today.”
He expects it to skyrocket 2x — to $70 — this year after it surpassed its old all-time high of $35 per ounce.
Vladislav Sopov
Dan Burgin