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Bitcoin May Revisit $12,000-$10,000 Before Resuming Growth Trajectory: Mike McGlone

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Fri, 6/01/2023 - 12:46
Bitcoin May Revisit $12,000-$10,000 Before Resuming Growth Trajectory: Mike McGlone
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Chief commodity strategist at Bloomberg Intelligence Mike McGlone has shared a screenshot from his recently published report. He believes Bitcoin is likely to resume growing this year. However, it may first revisit old levels below the current price mark.

"BTC may revisit support at $12k-$10k"

The report shared by McGlone, the part that speaks about Bitcoin in particular, says that the hard global economy slowdown (whose potential has been rising sharply as of late) could become a "top performance factor" for the cryptocurrency in 2023.

Per Bloomberg Intelligence, Bitcoin is likely "to come out ahead" in the majority of scenarios they have been looking at. However, per their data, economic growth is going to fall sharply and that will also hit all assets, including crypto. Therefore, McGlone assumes that the flagship digital currency Bitcoin is likely to revisit its old support at the $12,000-$10,000 levels before it resumes "its enduring upward price trajectory."

In the scenario of Fed pivoting rate hikes, the report also notes, Bitcoin is bound to become a digital version of gold and perform like it and like the U.S. Treasury long bonds.

Ethereum may outperform Bitcoin, per Bloomberg's report

According to the same report shared by McGlone, he expects Ethereum to outperform Bitcoin this year. The performance of the second largest crypto compared to Bitcoin has been promising, the report says, even though there have been no big price actions for ETH in 2022.

The promising potential of Ethereum may have been assumed due to Ethereum's long-awaited Merge upgrade in mid-September as the network switched to the proof-of-stake consensus protocol.

Related
Bitcoin Could Have 'Panic Day' Today, Ben Armstrong Says, Here's Why

Ben Armstrong highlights possible fall below $15,000

Popular crypto YouTuber Ben Armstrong, aka BitBoy on social media platforms, tweeted yesterday that he expected a "panic day" to happen to Bitcoin as there was a lot of potentially negative news for it. He mentioned the worsened expectations for the unemployment rate, the dispute between Gemini's founders Winklevoss and massive withdrawals from the crypto-oriented bank Silvergate, which exceeded $8.1 billion.

The bank started laying off its employees (about 40% of them have been fired) and began to sell its assets at a loss in order to cover the damage from the staggering withdrawals made by investors after the collapse of the FTX exchange. The latter happened at the start of November.

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