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Mike McGlone Says Bitcoin May Provide 'Guidance for Further Declines'

Tue, 05/09/2023 - 13:15
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Yuri Molchan
Top commodity expert of Bloomberg provides new comment on Bitcoin and falling PPI
Mike McGlone Says Bitcoin May Provide 'Guidance for Further Declines'
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Chief commodity strategist at Bloomberg Mike McGlone has taken to Twitter to comment on the rapid fall of the Producer Price Index (PPI) this year.

Bloomberg's chief expert expects Bitcoin to keep dropping

McGlone mentioned that on May 8, the released PPI data showed another decline of the Producer Price Index this year, 1.4%, saying that PPI "is falling at the fastest pace in history since 1948."

He also stated that "Bitcoin could help provide guidance on the outlook for further declines."

As a rule, Bitcoin reacts positively to CPI and PPI values going down. However, so far, the leading cryptocurrency remains in the red, falling by 1.09% in the past 24 hours, trading at $27,649, according to data provided by CoinMarketCap.

In an earlier tweet, McGlone said that he expects BTC to lead risk assets lower if the current price decline of these commodities is not yet over. This is likely attributed to the recent rate hike by the Federal Reserve.

Mike McGlone Shares Insight into Next Direction for Bitcoin Price

Major analyst says Bitcoin may sweep lower again

Prominent crypto trader and analyst Michael van de Poppe has shared a similar forecast on the biggest cryptocurrency by market cap. The $27,800 level has turned into resistance now, he pointed out.

He expects Bitcoin to sweep lower and, after that, "we are ready to long our longs in anticipation of CPI." He also expects a bullish divergence to appear soon on the Bitcoin chart.

On May 8, Poppe stressed in a tweet that Bitcoin had hit $27,400, still trending down. The $26,800 area was what Bitcoin may test next, according to the analyst, and these are the potential zones for longs, depending on the upcoming CPI data to be released on May 10.

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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