Bloomberg Analyst Forecasts Bottom Zone For Bitcoin (BTC)? Do These Levels Come?

senior macro strategist at Bloomberg Intelligence Mike McGlone, Bitcoin (BTC) identified a new potential low for the bear market.

Bloomberg Analyst Reveals Price Floor For Bitcoin (BTC), Says Not Investing In Crypto Is Risky For Institutions

In a new interview, the crypto analyst said that a hard break from Bitcoin’s previous support levels is a strong sign that BTC is heading down significantly.

He said that Bitcoin could drop by about 40% from today’s price. At the time of this writing, BTC was trading at $16,600.

McGlone, Volatility is almost always a great indicator, especially when you hit an all-time low.

When markets break out of a consolidated range for good reason, it means it will go much lower. That’s why in the beginning Bitcoin’s 10,000-12,000 dollars I told him that he could go down to the region,” he said.

The commodity strategist said that although he thinks there may be another sharp drop, the crypto markets will likely recover eventually.

“Everything is going bad this year. This year has been the worst ever for stocks and bonds combined.

So the risk going forward, in my view, is that for most large institutions, at least on a five-year basis, risk has not somehow invested in this space.”

Analyst on the other hand, I don’t mean the 20,000 highly speculative cryptos you can find on CoinMarketCap. I mean the top 10, the top 100, and an index that follows them, he said, adding:

So definitely Bitcoin, Ethereum. Yes, they may go down, but I think these assets will be seriously appreciated in the future. The real risk is not investing in them and ignoring them.

The most important thing to remember right now is that the FED is still pressing hard and all risk assets are in decline. “Whether the cryptos were rising or falling, they were the fastest,” he said.

*Not investment advice.