Bloomberg's senior analyst, Mike McGlone, has revised his perspective on Bitcoin's price, suggesting a new potential bottom point of $30,000

Claude Pascal
30 Aug 2023
Previously, McGlone had anticipated a drop in Bitcoin's price from $8,000 to $12,000, but his latest statement indicates a change of direction.

He previously highlighted that even if Bitcoin were to dip below $10,000, it would maintain its status as the top-performing global asset, albeit it would need to revert to pre-Covid-19 levels.

In light of increasing potential for Bitcoin Spot ETF applications in the US and nearing SEC evaluation deadlines, McGlone's current stance differs. He now envisions the inevitable acceptance of BTC Spot ETF applications, suggesting a new bottom and starting point for an upward trajectory at $30,000, in contrast to his earlier notion of $12,000.

McGlone also highlighted ongoing risks posed by the FED's tightening policies for all risky assets. He suggested that if BTC maintains a price above $30,000, a similar upward movement as experienced in the second half of 2020 from $12,000 might occur.

However, McGlone cautioned that the present landscape differs from 2020, as contemporary liquidity challenges and interest rate hikes by most central banks introduce new risks.

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