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

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

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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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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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Terra Classic (LUNC) Defeats Bitcoin (BTC) in the Binance Showdown Contest

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Terra Classic (LUNC) came out as the winner in the just-concluded Community Showdown contest hosted on Twitter by Binance, the world’s largest digital assets exchange. This goes further to show that support for LUNC remains high, despite the predicament the project experienced in early 2022. Some weeks ago, Binance rolled out a hashtag competition on […]

The post Terra Classic (LUNC) Defeats Bitcoin (BTC) in the Binance Showdown Contest appeared first on Times Tabloid.

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