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

Fri, 03/03/2023 - 10:06
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Godfrey Benjamin
Mike McGlone believes we will see more crypto short positions opened this March
Bloomberg's Mike McGlone Unsure Bitcoin (BTC) Bottom Is in, Here Are New Predictions
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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.

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.

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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.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.