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

Sun, 03/06/2022 - 19:23
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Yuri Molchan
Largest global cryptocurrency is likely to revisit $30,000, according to Bloomberg’s chief expert on commodities
Bitcoin May Revisit $30,000, Bloomberg’s Mike McGlone Says, Here’s Why
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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.

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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Drake Loses $275,000 Bitcoin Bet

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.

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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.