{"id":493252,"date":"2022-06-16T07:06:26","date_gmt":"2022-06-16T07:06:26","guid":{"rendered":"https:\/\/wncen.com\/?p=493252"},"modified":"2024-06-11T14:20:39","modified_gmt":"2024-06-11T14:20:39","slug":"bitcoin-20k-may-be-new-bottom","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-20k-may-be-new-bottom\/","title":{"rendered":"Bitcoin At $20K Could Be &#8216;New Bottom,&#8217; Commodity Expert Suggests, And Here&#8217;s Why"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin has been increasingly in a shaky state and has dropped by as much as 50% compared to its previous all-time high. All eyes are on the crypto alpha dog, watching its next price movements.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">On the other hand, many market analysts believe that the drop in BTC trading value is a jumping board towards massive growth.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As a matter of fact, Mike McGlone, Bloomberg Intelligence Senior Commodity Strategist, on his recent tweet, said that the crypto&#8217;s plunge is normal as the coin is still trying to get the hang of it as it faces a massive test.<\/span><\/p>\n<p style=\"text-align: center\"><strong><em>Suggested Reading | <a href=\"https:\/\/wncen.com\/news\/bitcoin\/original-bitcoin-up-24\/\">\u2018Original Bitcoin\u2019 Makes Surprise 24% Climb As Crypto Markets See Red<\/a><\/em><\/strong><\/p>\n<h2><strong>Bitcoin Decline &#8211; An Unnecessary Evil?<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">McGlone posted via Twitter saying:<\/span><\/p>\n<blockquote>\n<h4>\u201c$20,000 Bitcoin may be the new $5,000. The fundamental case of early days for the crypto&#8217;s adoption vs. diminishing supply may prevail as the price approaches too-cold levels. It makes sense that one of the best-performing assets in history would drop in 1H.\u201d<\/h4>\n<\/blockquote>\n<p><span style=\"font-weight: 400\">McGlone has always been extremely bullish about BTC believing that the king of cryptocurrency will regain its dominion and power as the most important crypto investment. In fact, the senior commodity strategist believes that once the market has stabilized, Bitcoin is set to outperform all other crypto assets.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\" wp-image-493259 aligncenter\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/QQQ.JPG.png?resize=753%2C373\" alt=\"\" width=\"753\" height=\"373\"><\/p>\n<pre style=\"text-align: center\"><span style=\"font-weight: 400\">Bloomberg Intelligence Senior Commodity Strategist Mike McGlone. Image: Elevenews.<\/span><\/pre>\n<p><span style=\"font-weight: 400\">Further, the finance experts states that BTC can\u2019t be classified as an asset but rather a collectible. McGlone firmly stands by his own price projection that Bitcoin will reach $100,000 by 2025 and its current dip or correction is attributed to the worsening inflation.\u00a0<\/span><\/p>\n<p>The majority of crypto fund managers surveyed by financial services firm PWC believe that the price of bitcoin will be between $75,000 and $100,000 by the end of the year.<\/p>\n<p>The data in the report comes from a survey of 77 crypto hedge fund managers conducted in April, PWC said, adding that their total assets under management for last year\u00a0amounted to $4\u00a0billion.<\/p>\n<p><span style=\"font-weight: 400\">While McGlone has maintained his bullish stance, other crypto market strategists like Peter Schiff believes otherwise. Schiff sees Bitcoin\u2019s decline as it is and says that it\u2019s the long-anticipated bubble burst that is bound to make the market bleed.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/DvmMJiB8\/\" width=\"1824\" height=\"870\"><\/p>\n<pre style=\"text-align: center\">BTC total market cap at $415 billion on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n<h2><strong>BTC Trying To Stay Above $20K Critical Line<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Currently, BTC trades at $21,200 and trying to stay above and thriving beyond $20,000. The frontrunner in crypto has also led all other cryptocurrencies in shaving off as much as $360 billion in just one week.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bitcoin\u2019s price seems to do a free-fall trajectory as it nears the critical $20K level. BTC is said to be technically oversold as it has recently breached the $30K support level and going down with increased momentum and two things are bound to happen: <\/span><span style=\"font-weight: 400\">either Bitcoin pulls back and goes for a bullish run &#8212; or head further down or what analysts refer to as the &#8220;bottom accumulation phase.&#8221;<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Suggested Reading |<a href=\"https:\/\/wncen.com\/news\/ethereum\/ethereum-drops-below-950\/\">\u00a0Ethereum Drops Below $950 On Uniswap Overnight \u2013 Here\u2019s Why<\/a><\/strong><\/em><\/p>\n<pre style=\"text-align: center\">Featured image from The Naked Scientists, chart from <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has been increasingly in a shaky state and has dropped by as much as 50% compared to its previous all-time high. All eyes are on the crypto alpha dog, watching its next price movements.\u00a0 On the other hand, many market analysts believe that the drop in BTC trading value is a jumping board towards massive growth.\u00a0 As a matter of fact, Mike McGlone, Bloomberg Intelligence Senior Commodity Strategist, on his recent tweet, said that the crypto&#8217;s plunge is normal as the coin is still trying to get the hang of it as it faces a massive test. Suggested Reading | \u2018Original Bitcoin\u2019 Makes Surprise 24% Climb As Crypto Markets See Red Bitcoin Decline &#8211; An Unnecessary Evil? McGlone posted via Twitter saying: \u201c$20,000 Bitcoin may be the new $5,000. The fundamental case of early days for the crypto&#8217;s adoption vs. diminishing supply may prevail as the price approaches too-cold levels. It makes sense that one of the best-performing assets in history would drop in 1H.\u201d McGlone has always been extremely bullish about BTC believing that the king of cryptocurrency will regain its dominion and power as the most important crypto investment. In fact, the senior commodity strategist believes that once the market has stabilized, Bitcoin is set to outperform all other crypto assets. Bloomberg Intelligence Senior Commodity Strategist Mike McGlone. Image: Elevenews. Further, the finance experts states that BTC can\u2019t be classified as an asset but rather a collectible. McGlone firmly stands by his own price projection that Bitcoin will reach $100,000 by 2025 and its current dip or correction is attributed to the worsening inflation.\u00a0 The majority of crypto fund managers surveyed by financial services firm PWC believe that the price of bitcoin will be between $75,000 and $100,000 by the end of the year. The data in the report comes from a survey of 77 crypto hedge fund managers conducted in April, PWC said, adding that their total assets under management for last year\u00a0amounted to $4\u00a0billion. While McGlone has maintained his bullish stance, other crypto market strategists like Peter Schiff believes otherwise. Schiff sees Bitcoin\u2019s decline as it is and says that it\u2019s the long-anticipated bubble burst that is bound to make the market bleed. BTC total market cap at $415 billion on the daily chart | Source: TradingView.com BTC Trying To Stay Above $20K Critical Line Currently, BTC trades at $21,200 and trying to stay above and thriving beyond $20,000. The frontrunner in crypto has also led all other cryptocurrencies in shaving off as much as $360 billion in just one week.\u00a0 Bitcoin\u2019s price seems to do a free-fall trajectory as it nears the critical $20K level. BTC is said to be technically oversold as it has recently breached the $30K support level and going down with increased momentum and two things are bound to happen: either Bitcoin pulls back and goes for a bullish run &#8212; or head further down or what analysts refer to as the &#8220;bottom accumulation phase.&#8221; Suggested Reading |\u00a0Ethereum Drops Below $950 On Uniswap Overnight \u2013 Here\u2019s Why Featured image from The Naked Scientists, chart from TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":493257,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,86185,1119,12254],"class_list":["post-493252","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-down","tag-btc","tag-crypto-crash"],"acf":[],"yoast_head":"\n<title>Bitcoin At $20K Could Be &#039;New Bottom,&#039; Commodity Expert Suggests, And Here&#039;s Why<\/title>\n<meta name=\"description\" content=\"Bitcoin has been increasingly in a shaky state and has dropped by as much as 50% compared to its previous all-time high. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin At $20K Could Be &#8216;New Bottom,&#8217; Commodity Expert Suggests, And Here&#8217;s Why","url":"http:\/\/wncen.com\/news\/bitcoin-20k-may-be-new-bottom\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-20k-may-be-new-bottom\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-5-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-5-scaled.jpg?fit=2560%2C1920"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin down","btc","crypto crash"],"dateCreated":"2022-06-16T07:06:26Z","datePublished":"2022-06-16T07:06:26Z","dateModified":"2024-06-11T14:20:39Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin At $20K Could Be &#8216;New Bottom,&#8217; Commodity Expert Suggests, And Here&#8217;s Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-20k-may-be-new-bottom\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-20k-may-be-new-bottom\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/Bitcoin-5-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/06\\\/Bitcoin-5-scaled.jpg?fit=2560%2C1920\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin down\",\"btc\",\"crypto crash\"],\"dateCreated\":\"2022-06-16T07:06:26Z\",\"datePublished\":\"2022-06-16T07:06:26Z\",\"dateModified\":\"2024-06-11T14:20:39Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/06\/Bitcoin-5-scaled.jpg?fit=2560%2C1920","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/493252"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=493252"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/493252\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/493257"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=493252"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=493252"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=493252"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}