Bitcoin price ($BTC) could fall below $25,000 as it faces “800-pound gorilla,” says Bloomberg analyst
Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, recently shared that he believes the price of flagship cryptocurrency Bitcoin ($BTC) is currently in the “process of reversal” and could decline in the near future.
In a recent “Understanding Macro” segment, McGlone noted that Bitcoin is emerging from a period of unprecedentedly low interest rates and is now grappling with a changing monetary landscape characterized by rising interest rates, which could lead to a price reversal.
According to McGlone, the “800-pound gorilla…the Federal Reserve” is still raising interest rates and tightening monetary policy. Traditionally, rising interest rates have caused risk assets like Bitcoin to become less attractive, with the appeal fading compared to the now higher yields of safer alternatives like Treasury bonds.
With this in mind, McGlone suspects that Bitcoin price could potentially fall below $25,000, which could trigger a broader pullback from other volatile assets. Predicting Bitcoin’s future price, the Bloomberg Intelligence analyst said he believes BTC’s price rise this year is excessive, as is the rise “across all risk assets.”
Still, McGlone believes BTC will “reverse and trade more like gold and treasuries” in the future. As CryptoGlobe reported, well-known cryptocurrency analyst Benjamin Cowen recently made a sobering prediction about Bitcoin’s price movement, predicting a possible decline to the $23,000 mark after the cryptocurrency traded within a certain range over the past few weeks.
The upcoming Bitcoin halving is scheduled to take place in April 2024 and has led to a number of bullish Bitcoin price predictions. As reported, investment research firm Fundstrat has suggested that BTC could see a jump of over 500% from its current value to the $180,000 mark ahead of its upcoming halving.
Additionally, London-based multinational banking and financial services company Standard Chartered has suggested that the price of the flagship cryptocurrency could rise to $50,000 this year and break $120,000 by the close of trading in 2024, which represents another major bullish price prediction for BTC.
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