Bloomberg's McGlone on Bitcoin Price: $30K Is New $12K

In a recent post on X (formerly Twitter), Bloomberg Intelligence Senior Commodity Strategist Mike McGlone offered an analysis that $30,000 may be the new $12,000 for Bitcoin.

McGlone referenced both the potential for the U.S. to approve Bitcoin ETFs and concerns over the Federal Reserve's ongoing tightening policies as key factors.

"The inevitable approval of #Bitcoin ETFs in the U.S is moving closer, but the elephant in the room for all risk assets remains -- the #Fed is still tightening despite the tilt toward economic contraction," McGlone posted on X.

Bitcoin briefly recovers to $28,000

Meanwhile, the cryptocurrency recently saw a significant recovery, reaching the $28,000 level, as noted by Glassnode cofounder Yann Allemann.

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The resurgence coincided with a U.S. court ruling in favor of Grayscale over the Securities and Exchange Commission (SEC). Allemann, posting under his X handle @Negentropic_, pointed out that Bitcoin surged 7% intraday on this news, also highlighting that the stock market similarly enjoyed a rally. "Grayscale's ETF prospects brighten, setting the stage for the potential approval of others like BlackRock. Green signals the day as BTCUSD rebounds to $28k on this positive update," he stated.

Fed Chair Powell warns of more rate hikes

On a bearish note, Federal Reserve Chair Jerome Powell recently issued a warning about higher inflation, stating that the central bank is prepared to raise rates further if necessary.

This announcement comes after the Fed hiked interest rates to their highest levels in 22 years, reaching between 5.25% and 5.5%.

Despite this tightening, Bitcoin remained relatively stable, suggesting that the cryptocurrency market may be becoming more resilient to traditional financial news.

McGlone's comments hint at a more optimistic view for Bitcoin, especially if ETF approvals come through, but caution is advised due to persistent macroeconomic concerns.