Bloomberg analyst Mike McGlone, who recently said that he expected a drop in the price of Bitcoin (BTC) from $ 8,000 to $ 12,000, seems to have changed his mind in his latest statement.
In his previous statements, McGlone said that even if BTC falls below $ 10,000, it will still be the best performing asset in the world, but it is a necessity for it to fall to pre-Covid-19 levels.
In his statement today, McGlone seems to have taken a different stance, with the possibility of accepting Bitcoin Spot ETF applications in the US increasing and the deadlines for evaluation by the SEC approaching.
Stating that the inevitable acceptance of BTC Spot ETF applications is approaching, McGlone said that instead of the $ 12,000 level, which he previously showed as the bottom level, the new bottom and rise starting point may now be $ 30,000.
McGlone said that the FED's current tightening policies continue to pose a danger to all risky assets, and that if the BTC price rises above $ 30,000 and continues to stay there, there may be an upward return similar to the one from $ 12,000 in the second half of 2020.
However, McGlone added that unlike in 2020, liquidity problems and interest rate hikes by most central banks today pose risks.
*This is not investment advice.
I can’t believe that this analyst still has a job. I read his first article and it was clear that he hadn’t considered all aspects of the BTC market and now a few days latter he comes out with a new statement. I guess we can’t be too surprised as he is employed by Michael Bloomberg,