Advertisement
AD

Main navigation

Bloomberg's Mike McGlone Unsure Bitcoin (BTC) Bottom Is in, Here Are New Predictions

Advertisement
Fri, 3/03/2023 - 10:06
Bloomberg's Mike McGlone Unsure Bitcoin (BTC) Bottom Is in, Here Are New Predictions
Cover image via www.youtube.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Many predictions for Bitcoin (BTC) and the broader crypto ecosystem are already going awry, with the combined crypto market cap slipping by 3.80% to $1.03 trillion. This slump is being fueled by Bitcoin (BTC), and the current market scare has empowered bears to sell off their holdings in fear of more imminent slips.

Advertisement

With the current realities, Bloomberg Intelligence Senior Macro Strategist Mike McGlone has shared another insight into the current trend. According to the market strategist, there is no certainty that the much-awaited Bitcoin bottom is in and the coin will need to reclaim the $25,000 resistance level for a return to Risk-Asset Revival.

The analyst highlighted the subtle correlation that Bitcoin and the crypto market have with the stock market, and he noted that if the stock market lows are not in yet, we may see more crypto short positions being opened around the beginning of March.

The dynamics on the futures market are even more volatile, seeing the market experiencing as much as $245 million in total liquidations following the ongoing market rout. For McGlone, the dynamics largely hinge on the direction of the Fed's monetary policy.

Related

Broad impact of Bitcoin's instability

As far as the current crypto ecosystem structure is concerned, Bitcoin determines the overall direction of the market despite its reduced dominance.

Altcoins are also on the downtrend at this time, with Ethereum (ETH) plunging by 4.43% to $1,572.72.

Cardano (ADA), Solana (SOL) and Avalanche (AVAX) are also down by 4.86%, 4% and 4.95%, respectively, at the time of writing. The top altcoins may not stay down for much longer, considering the fact that the majority has very positive fundamentals driving their momentum across the board.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD