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Bitcoin hasn’t found the bottom yet, drop of 40% still to come – Bloomberg analyst warns

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Published

4 months ago

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  • Bitcoin is heading significantly lower after its heavy breakdown from the support levels.
  • Mike McGlone added that the Bitcoin story is all bright for the long term and said institutional investors face greater risk with not having any exposure to Bitcoin for a five-year term.

The FTX exchange collapse spread like a contagion across the entire crypto space with Bitcoin and other altcoins seeing heavy correction over the last few weeks. As of now, Bitcoin is trading somewhere close to the $16,700 level with a market cap of $321 billion.

However, some market analysts believe that the bottom is still not in! Bloomberg Intelligence senior macro strategist Mike McGlone, who’s been bullish about BTC in the past, is setting a new floor price for the crypto. During his recent interview with CryptoBirb, McGlone said that Bitcoin’s heavy breakdown from the support levels was a strong indicator that the BTC price could be heading significantly lower.

He expects the BTC price to drop an additional 40 percent from the current levels. Meaning, the BTC price could sink all the way to $10,000 from here onwards. During his interview, McGlone said:

Initially, when the market broke down that was my indication it’s going to continue to break down because volatility is almost always a great indicator, particularly when you reach an all-time low. When markets breakout from a consolidating range with a good reason, it means it’s going down a lot lower. So that’s why I put out initially that Bitcoin might not reach a plateau until the $10,000-$12,000 area.

No long-term weakness in Bitcoin

In the past reports of Bloomberg Intelligence, McGlone had explained why he believes in the Bitcoin story. Like Gold McGlone believes that Bitcoin shall emerge as a valuable asset class in the future.

He further added that any short-term selling pressure caused by macro events such as the Fed rate hike isn’t a signal for long-term weakness. He said that on a five-year time horizon, institutional players face a greater risk of not allocating to crypto instead of avoiding it. Just like Bitcoin, McGlone is also positive about Ethereum. He said:

Everything is going down this year. This has been the worst year ever for stocks and bonds combined. I mean ever, if you go back 80 years…So to me, the risk is going forward that I think for most major institutions on a five-year basis at least, the risk is not being somewhat allocated to this space.

And I don’t mean the 20,000 highly-speculative cryptos that you can find on CoinMarketCap. I mean the top 10, the top 100, an index that tracks those. So definitely Bitcoin, Ethereum.

Yes, they could drop down, but to me an index that tracks those is just going to continue doing what it’s doing and these types of things often carve that foundation. The key thing to remember right now is the Fed is still pounding hard, all risk assets are going down. Cryptos were the fastest one on the way up and the fastest one on the way down.

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LedgerFi’s ($LFT) Token Pre-sale: More than 8% sold out in less than 30 min on XDC Sale

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2 weeks ago

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March 15, 2023

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LedgerFi, a leading decentralized web 3.0 secure communication platform built on the XDC Network, is excited to announce that their token sale will commence on March 14th, 2021 on XDC Sale. The token sale will offer investors the opportunity to purchase the native $LFT tokens of LedgerFi and join an innovative ecosystem of Decentralized Communication Service integrated with Decentralized Finance for enabling the seamless exchange of digital assets through a unified platform. 

LedgerFi has envisioned to become the world’s first Decentralized Digital Asset Exchange (DDAX) platform through which users can transfer all types of digital assets with a military grade security, cryptographic encryption, privacy and prevention from cyber attacks using the power of Blockchain technology.

LedgerFi is a one-stop-shop for DeFi users that provides access to various communication protocols and services in the industry such as Ledger Mail which is already live in the market and it has 750K users exchanging 2M+ emails,and upcoming products like

  • Ledger Chat: The Decentralized Instant Messaging Solution enabling users to instantly chat with peers without worrying about centralized governance. LedgerChat allows users to seamlessly communicate with each other without compromising their Digital Identity & Data Sovereignty. It’s in beta at the moment.
  • Ledger Live: The Decentralized Audio & Video Call Platform allows individuals & businesses to connect with each other in real-time. The centralized access point utilized in conventional VoIP solutions is eliminated with blockchain based communication technologies. Eliminating the hassle of handling centralized, cumbersome & hackable legacy platforms with the high-performing next-gen solution. Instead, a blockchain based communication system sends the signal from the calling party to a receiving number, which is then replaced by a dispersed network shared by all network users.
  • Ledger Pay: The Decentralized Cross-Border Remittance platform providing human-readable, interoperable & lightning-fast payment transfer capabilities for financial inclusion of the unbanked individuals.
  • Ledger Mint: Metaverse Interconnected NFT Transfer Hyper-personalized social connectivity for transferring, exchanging & showcasing NFTs and other digital assets through an interactive & interconnected platform.

Token Sale Details

  • Presale Address: 0x7db6AaF98bDFE47f197a3b1bbC3Cfe6CB0f302c4
  • Token Address: 0x65d358C56Ff2E64C007060D5D4dF308986734f5C
  • Total Supply: 400,000,000 LFT
  • Soft Cap: 7,500,000 XDC
  • Hard Cap:15,000,000.0 XDC
  • IDO Rate: 1.5 LFT per XDC
  • Listing Rate: 1.0 LFT per XDC
  • Liquidity %: 51
  • Min Contribution: 4,000 XDC
  • Max Contribution: 400,000 XDC
  • IDO Start Time: 14 Mar 2023, 19:30
  • IDO End Time: 05 Apr 2023
  • Liquidity Unlock Date: 05 May 2023

About LedgerFi

LedgerFi provides a web 3.0 communication service built on blockchain technology for secure communication through email, chat & payment applications. LedgerFi provides blockchain based Decentralised communication service & Decentralised Digital Assets Exchange for secure communication.

Media contact

ZEX PR WIRE

ag@zexprwire.com

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Terra Casino That Could Burn 24 Billion LUNC within 6 Months Goes Live

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4 months ago

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November 24, 2022

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Terra Casino, an online bookie dedicated to burning LUNC tokens, has been launched. Although the transparency of Bookie’s LUNC Burn is still a thing of concern within the Terra Classic community, it has the capability of burning about 24 billion LUNC within six months. The new development was announced via the official Twitter handle of […]

The post Terra Casino That Could Burn 24 Billion LUNC within 6 Months Goes Live appeared first on Times Tabloid.

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Bank of America to Leverage Ripple ODL Services Once XRP Lawsuit Ends, Garlinghouse Affirms

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4 months ago

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November 24, 2022

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Ripple, the crypto solutions company which offers cross-border payment services is also known for its On-Demand Liquidity (ODL) merchandise. Whereas numerous fintechs have partnered with Ripple to use its ODL services, the ongoing XRP lawsuit has hindered more enterprises from joining forces with the San Francisco-based crypto firm. Among the financial companies halting their adoption […]

The post Bank of America to Leverage Ripple ODL Services Once XRP Lawsuit Ends, Garlinghouse Affirms appeared first on Times Tabloid.

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