{"id":29016,"date":"2023-08-31T21:53:06","date_gmt":"2023-09-01T01:53:06","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=29016"},"modified":"2023-08-31T21:53:06","modified_gmt":"2023-09-01T01:53:06","slug":"bitcoin-rollercoaster-analyst-forecasts-8000-dip-before-skyrocketing-to-200000","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/31\/bitcoin-rollercoaster-analyst-forecasts-8000-dip-before-skyrocketing-to-200000\/","title":{"rendered":"Bitcoin Rollercoaster: Analyst Forecasts $8,000 Dip Before Skyrocketing To $200,000"},"content":{"rendered":"

In his recent interview, Mike McGlone, Bloomberg Intelligence\u2019s Senior Commodity Strategist, predicted<\/a> Bitcoin\u2019s\u00a0potential fall amid the ongoing market downturn.\u00a0However, it wasn\u2019t all gloom from the seasoned analyst, as he also touched upon\u00a0the longer-term prospects of the flagship cryptocurrency.<\/p>\n

Will Bitcoin Touch $8,000?<\/h2>\n

It is worth noting that Bitcoin has undergone a fair share of price fluctuations since its inception. In the interview, McGlone compared Bitcoin\u2019s volatile nature<\/a>\u00a0to the days of the stock market. His predictions, grounded in his analytical observations, also prompted apprehension and agreement.<\/p>\n

Mike McGlone\u2019s interview was rife with insights into the cryptocurrency market, but one\u00a0statement stood out: his belief that Bitcoin could plunge to a low of $8,000 in the current bear market.<\/p>\n

McGlone emphasized that despite the potential for such a drastic drop. Bitcoin remains the world\u2019s top-performing asset<\/a>.\u00a0 McGlone stated that Bitcoin hasn\u2019t exhibited deflationary characteristics like Treasury bills and gold.<\/p>\n

Instead, he pointed out that macroeconomic elements, particularly the Federal Reserve\u2019s ongoing tightening policies, continue to have a pronounced effect on Bitcoin\u2019s price.<\/p>\n

Institutional Influence: Not the Immediate Boost Many Anticipate?<\/h2>\n

Another popular belief within the crypto community is that spot ETF approvals, and an influx of institutional investors<\/a> would catapult Bitcoin\u2019s price to new heights. <\/p>\n

McGlone,\u00a0however, expressed skepticism regarding this sentiment. In his view, while a spot ETF approval may sway market sentiment, it might not substantially impact\u00a0Bitcoin\u2019s\u00a0price trajectory. McGlone suggested that the earliest spot ETF might not see daylight until next year.<\/p>\n

On which spot ETF could potentially make the first move, McGlone\u2019s bet is on BlackRock. Citing the institution\u2019s commanding presence<\/a> in the market and its reputation as the world\u2019s leading asset manager, he believes BlackRock might lead the pack in the spot ETF space.<\/p>\n

McGlone maintained confidence in Bitcoin\u2019s long-term bullish prospects despite these short-term projections. He reaffirmed his vision of the crypto giant eventually reaching a value of $200,000.<\/p>\n

Meanwhile,\u00a0following the announcement of Grayscale\u2019s legal victory against the US Securities Exchange and Commission (SEC), Bitcoin has retraced noticeably from its Tuesday peak of $27,974, dropping to $26,885 at the time of writing.<\/p>\n

Bitcoin\u2019s daily trading volume<\/a> has also dipped along with its price, dropping from last Thursday\u2019s peak of $12 billion to $10 billion in the past 24 hours. Notably, Bitcoin\u2019s market cap currently sits at $523 billion when writing.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

In his recent interview, Mike McGlone, Bloomberg Intelligence\u2019s Senior Commodity Strategist, predicted<\/a> Bitcoin\u2019s\u00a0potential fall amid the ongoing market downturn.\u00a0However, it wasn\u2019t all gloom from the seasoned analyst, as he also touched upon\u00a0the longer-term prospects of the flagship cryptocurrency.<\/p>\n

Will Bitcoin Touch $8,000?<\/h2>\n

It is worth noting that Bitcoin has undergone a fair share of price fluctuations since its inception. In the interview, McGlone compared Bitcoin\u2019s volatile nature<\/a>\u00a0to the days of the stock market. His predictions, grounded in his analytical observations, also prompted apprehension and agreement.<\/p>\n

Mike McGlone\u2019s interview was rife with insights into the cryptocurrency market, but one\u00a0statement stood out: his belief that Bitcoin could plunge to a low of $8,000 in the current bear market.<\/p>\n

McGlone emphasized that despite the potential for such a drastic drop. Bitcoin remains the world\u2019s top-performing asset<\/a>.\u00a0 McGlone stated that Bitcoin hasn\u2019t exhibited deflationary characteristics like Treasury bills and gold.<\/p>\n

Instead, he pointed out that macroeconomic elements, particularly the Federal Reserve\u2019s ongoing tightening policies, continue to have a pronounced effect on Bitcoin\u2019s price.<\/p>\n

Institutional Influence: Not the Immediate Boost Many Anticipate?<\/h2>\n

Another popular belief within the crypto community is that spot ETF approvals, and an influx of institutional investors<\/a> would catapult Bitcoin\u2019s price to new heights. <\/p>\n

McGlone,\u00a0however, expressed skepticism regarding this sentiment. In his view, while a spot ETF approval may sway market sentiment, it might not substantially impact\u00a0Bitcoin\u2019s\u00a0price trajectory. McGlone suggested that the earliest spot ETF might not see daylight until next year.<\/p>\n

On which spot ETF could potentially make the first move, McGlone\u2019s bet is on BlackRock. Citing the institution\u2019s commanding presence<\/a> in the market and its reputation as the world\u2019s leading asset manager, he believes BlackRock might lead the pack in the spot ETF space.<\/p>\n

McGlone maintained confidence in Bitcoin\u2019s long-term bullish prospects despite these short-term projections. He reaffirmed his vision of the crypto giant eventually reaching a value of $200,000.<\/p>\n

Meanwhile,\u00a0following the announcement of Grayscale\u2019s legal victory against the US Securities Exchange and Commission (SEC), Bitcoin has retraced noticeably from its Tuesday peak of $27,974, dropping to $26,885 at the time of writing.<\/p>\n

Bitcoin\u2019s daily trading volume<\/a> has also dipped along with its price, dropping from last Thursday\u2019s peak of $12 billion to $10 billion in the past 24 hours. Notably, Bitcoin\u2019s market cap currently sits at $523 billion when writing.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-29016","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=29016"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/29016\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=29016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=29016"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=29016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}