Bloomberg Analyst Issues Bitcoin Warning, Says BTC ‘Ready to Move’ – Here’s His Prediction
A Bloomberg analyst is warning traders, saying Bitcoin (BTC) is about to take a big step.
Mike McGlone, senior macro strategist at Bloomberg Intelligence, tells his 61,300 followers on the social media platform
“Risk of a short purge on the morning of October 16th.
Bitcoin Cage Shrinks to $25,000-$29,000; Effects of an outbreak –
Bitcoin is stuck between its 50- and 100-week moving averages and annual volatility falls to a new low.
According to McGlone, BTC is about to take a big step – the only question is the direction. He says BTC is more likely to collapse to the downside than recover.
“It’s a matter of direction, and my bias is downward, along with a top measure of liquidity: Fed fund futures one year from now…
A prerequisite for this liquidity indicator to turn positive is usually for Bitcoin to fall first. If the 24-hour, highly speculative crypto leading indicator can stay above its descending 100-week moving average, it could signal risk appetite, inflation and more central bank dovishness.
This could be part of the losses and losses for risk assets as the Fed is still tightening given late-cycle trends. “Bitcoin volatility against the 500 is around 2.8x as of October 13, above the 1.9x low from Q4 2020, showing the complacency of the broader market.”
Source: Mike McGlone/X
In a recent interview with crypto influencer Scott Melker, the strategist reiterated his position.
“Bitcoin rises in liquidity and performs well when the stock market is doing well, and then it goes back the other way. So here’s what I think is going to happen: They’re both going to go down.”
At the time of writing, BTC is worth $28,475.
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