Bitcoin May Revisit $30,000, Bloomberg’s Mike McGlone Says, Here’s Why

Chief commodity strategist of Bloomberg, Mike McGlone, has taken to Twitter to opine that Bitcoin may take a dive back to the $30,000 level once again.

“Bitcoin to revisit $30,000”

Bloomberg’s chief expert on commodities believes that the 2 percent decline shown by Bitcoin today in the morning (8 a.m. EST) indicates that the upcoming week for risk assets is going to be rough.

The chart shared by McGlone shows that Bitcoin and Nasdaq 100 futures are moving in the same tragectory and are both going down at the moment. He seems to be hinting that Bitcoin is again correlating with the stock market.

#Bitcoin May Revisit $30,000, But What of the #stockmarket? Down about 2% on Sunday morning 8am EST from Friday's close, Bitcoin is indicating another rough week for risk assets - pic.twitter.com/FEj7hLQ08j

— Mike McGlone (@mikemcglone11) March 6, 2022

Today, on February 6, Bitcoin demonstrated a drop of over 3 percent, going down from $39,670 to the $38,309 area. However, by now, the price of the flagship cryptocurrency has restored a little, rising to $39,054 at the time of writing.

Bad week for Bitcoin

Since Tuesday, March 1, the leading digital currency has been going down at a small pace. However, on March 3 it went down sharply and since that day until this morning BTC has lost 10.24 percent of its market value, dropping from $44,031 to the $39,522 level.

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Canadian Bitcoin ETF buys the dip

According to the data provided by the Glassnode data agency, the largest Canadian BTC ETF - Purpose Bitcoin ETF - has been acquiring more Bitcoin since the start of the year, despite frequent decline in the crypto market.

By now, the amount of digital gold has increased by around 5,000 BTC, rising from 29,494 to 34,613 Bitcoin.

This comprises $1,342,451,359.

According to Glassnode, the number of bitcoins held by the Purpose Bitcoin ETF has reached a new high. Since 2022, despite the gradual decline in market conditions, the number of bitcoins it holds has continued to grow, from 29,494 to 34,613, an increase of about 5,000 bitcoins. pic.twitter.com/cYfZPUvYSt

— Wu Blockchain (@WuBlockchain) March 6, 2022

Earlier this year, U.Today several times covered that the aforementioned Bitcoin ETF had acquired BTC on the dip. On February 28, the company increased its BTC holdings by 31 percent. On 3 February, it purchased 1,750 BTC worth $64,218,350 back then.