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Bitcoin (BTC) Must Hold Above $25,000, Here's Why, Explains Bloomberg Expert

Tue, 02/21/2023 - 14:20
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Gamza Khanzadaev
Bitcoin (BTC) holding above $25,000 is crucial for bull market potential, Bloomberg's Mike McGlone explains why
Bitcoin (BTC) Must Hold Above $25,000, Here's Why, Explains Bloomberg Expert
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Senior macro strategist at Bloomberg Intelligence Mike McGlone expressed his views and expectations for further movement on the financial markets, and in particular, the crypto market. Among other things, McGlone named the condition under which we should expect a further rebound in the prices of financial assets.

Bitcoin (BTC) Delivers Important Bullish Signal for First Time in Over Year

Bitcoin, death cross and U.S. recession

According to the macro expert, if the main cryptocurrency, which has become a full-fledged global sentiment indicator, manages to stay above the level of $25,000, it will be a signal of a crypto market recovery and will cause the revival of most other markets.

At the same time, we have a situation in which the 50-week moving average is trying to cross over the 200-week indicator and form a so-called "death cross." Complementing the picture is the growing risk of a recession in the U.S. economy and the tight monetary policy of regulators.

Billionaire Ray Dalio Destroys Crypto Hype

If Bitcoin (BTC) gets above $25,000, it will mean divergent strength against all downside factors. McGlone believes that the more tactically oriented bears are likely to opt for a "prove it" stance and try to capitalize on short positions in this environment. The analyst himself, despite being bullish in the long run, believes that this rebound in the first quarter to such a strong resistance level could serve sellers.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.