{"id":548896,"date":"2023-08-25T17:58:59","date_gmt":"2023-08-25T17:58:59","guid":{"rendered":"https:\/\/wncen.com\/?p=548896"},"modified":"2024-06-11T08:14:43","modified_gmt":"2024-06-11T08:14:43","slug":"economic-reset-alert-bloomberg-analyst-predicts-bitcoin-crash-below-10000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/economic-reset-alert-bloomberg-analyst-predicts-bitcoin-crash-below-10000\/","title":{"rendered":"Economic Reset Alert: Bloomberg Analyst Predicts Bitcoin Crash Below $10,000"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin (BTC), the world&#8217;s largest cryptocurrency, has experienced a period of stability around the $26,000 mark following the recent speech by Federal Reserve Chair Jerome Powell.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Powell reiterated the central bank&#8217;s commitment to maintaining a 2% inflation target in his speech. As economists discuss the implications of this goal, market observers, including Bloomberg&#8217;s Senior Macro Strategist Mike McGlone, have <\/span><a href=\"https:\/\/twitter.com\/mikemcglone11\/status\/75193446?s=20\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">weighed <\/span><\/a><span style=\"font-weight: 400\">in on the potential impact of an impending recession on BTC\u2019s price.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Faces Bearish Outlook?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">During his speech, Chair Powell stressed the importance of implementing a &#8220;sufficiently restrictive&#8221; policy to address inflation-related concerns. While economists continue to debate the merits of this approach, Powell&#8217;s emphasis on controlling inflation has sparked speculation within the financial landscape.<\/span><\/p>\n<div class=\"jeg_meta_container\">\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/shiba-inu\/shiba-inu-whale-price\/\" target=\"_blank\" rel=\"noopener \">Shiba Inu Whale Buys 708 Billion SHIB, Sparks Speculation Of Price Recovery<\/a><\/div>\n<\/div>\n<p><span style=\"font-weight: 400\">Mike McGlone, a respected senior macro strategist at Bloomberg, remains bullish on Bitcoin, often called &#8220;digital gold.&#8221; However, McGlone predicts a potential decline in Bitcoin&#8217;s price, stating that a &#8220;normal reversion&#8221; during an economic recession could see Bitcoin trading at around $10,000, or even as low as $7,500.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">McGlone acknowledges Bitcoin&#8217;s volatility but highlights its historical performance as an asset class, even in the face of a significant drop.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Furthermore, McGlone points out that Bitcoin&#8217;s 100-week moving average (MA) is currently trending downward, indicating a negative market trend. The recent decline from its 2022 and 2023 bottom further supports this observation.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Additionally, Powell&#8217;s mention of ongoing Federal Reserve interest rate hikes adds to the concerns surrounding Bitcoin&#8217;s macro outlook.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Nevertheless, comparing Bitcoin to the stock market in 1921 and 1929, he views the cryptocurrency as a revolutionary technology with the potential for long-term growth.<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/aJW08cPh\/\" alt=\"Bitcoin \" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">DXY is approaching its following resistance lines, as seen in the 1-day chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/e4WncABc\/\" target=\"_blank\" rel=\"noopener nofollow\">DXY on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">In addition to concerns surrounding Bitcoin&#8217;s short-term growth, the U.S. Dollar Index (DXY) has been trending upward, thereby losing its previous correlation with BTC, which raises concerns for the leading cryptocurrency in the market.<\/span><\/p>\n<p><span style=\"font-weight: 400\">As <a href=\"https:\/\/wncen.com\/bitcoin-news\/glassnode-co-founders-prediction-dxy-set-to-peak-fueling-potential-bitcoin-rally-to-37000\/\" target=\"_blank\" rel=\"noopener \">reported<\/a> by NewsBTC, the DXY is approaching significant resistance levels in the near term. However, it is worth noting that favorable conditions, increased trading volume, and renewed liquidity entering the emerging cryptocurrency industry could potentially provide an opportunity for BTC to recover and reach higher price levels.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Currently, the DXY is trading at 104.169 points and is approaching two crucial resistance lines. The first resistance lies at the 104.716 mark, and the second is at the 106 level. These levels have not been surpassed since May and March, respectively.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/pepe-token-tumbles-20-amid-suspicious-activity-details\/\" target=\"_blank\" rel=\"noopener \">PEPE Token Tumbles 20% Amid Suspicious Activity \u2013 Details<\/a><\/div>\n<p><span style=\"font-weight: 400\">Nevertheless, if the DXY surpasses these resistance levels, it could propel the index to even higher levels, possibly reaching 112 points. Such a scenario could pressure BTC and disrupt its ongoing bullish trend, especially if favorable conditions and a positive correlation between the two assets are absent.<\/span><\/p>\n<figure style=\"width: 1814px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/z500WHYB\/\" alt=\"Bitcoin \" width=\"1814\" height=\"858\"><figcaption class=\"wp-caption-text\">BTC&#8217;s loss of $26,000 on the daily chart. Source:<a href=\"https:\/\/www.tradingview.com\/chart\/e4WncABc\/\" target=\"_blank\" rel=\"noopener nofollow\"> BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Bitcoin is being traded at $25,900, showing a minor decrease of 0.7% within the last 24 hours. However, Bitcoin bulls must reclaim the $26,000 threshold to prevent potential downward movement and further declines as the market approaches the conclusion of a new monthly closing period.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from iStock, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC), the world&#8217;s largest cryptocurrency, has experienced a period of stability around the $26,000 mark following the recent speech by Federal Reserve Chair Jerome Powell.\u00a0 Powell reiterated the central bank&#8217;s commitment to maintaining a 2% inflation target in his speech. As economists discuss the implications of this goal, market observers, including Bloomberg&#8217;s Senior Macro Strategist Mike McGlone, have weighed in on the potential impact of an impending recession on BTC\u2019s price. Bitcoin Faces Bearish Outlook? During his speech, Chair Powell stressed the importance of implementing a &#8220;sufficiently restrictive&#8221; policy to address inflation-related concerns. While economists continue to debate the merits of this approach, Powell&#8217;s emphasis on controlling inflation has sparked speculation within the financial landscape. Related Reading: Shiba Inu Whale Buys 708 Billion SHIB, Sparks Speculation Of Price Recovery Mike McGlone, a respected senior macro strategist at Bloomberg, remains bullish on Bitcoin, often called &#8220;digital gold.&#8221; However, McGlone predicts a potential decline in Bitcoin&#8217;s price, stating that a &#8220;normal reversion&#8221; during an economic recession could see Bitcoin trading at around $10,000, or even as low as $7,500.\u00a0 McGlone acknowledges Bitcoin&#8217;s volatility but highlights its historical performance as an asset class, even in the face of a significant drop. Furthermore, McGlone points out that Bitcoin&#8217;s 100-week moving average (MA) is currently trending downward, indicating a negative market trend. The recent decline from its 2022 and 2023 bottom further supports this observation.\u00a0 Additionally, Powell&#8217;s mention of ongoing Federal Reserve interest rate hikes adds to the concerns surrounding Bitcoin&#8217;s macro outlook. Nevertheless, comparing Bitcoin to the stock market in 1921 and 1929, he views the cryptocurrency as a revolutionary technology with the potential for long-term growth. In addition to concerns surrounding Bitcoin&#8217;s short-term growth, the U.S. Dollar Index (DXY) has been trending upward, thereby losing its previous correlation with BTC, which raises concerns for the leading cryptocurrency in the market. As reported by NewsBTC, the DXY is approaching significant resistance levels in the near term. However, it is worth noting that favorable conditions, increased trading volume, and renewed liquidity entering the emerging cryptocurrency industry could potentially provide an opportunity for BTC to recover and reach higher price levels. Currently, the DXY is trading at 104.169 points and is approaching two crucial resistance lines. The first resistance lies at the 104.716 mark, and the second is at the 106 level. These levels have not been surpassed since May and March, respectively. Related Reading: PEPE Token Tumbles 20% Amid Suspicious Activity \u2013 Details Nevertheless, if the DXY surpasses these resistance levels, it could propel the index to even higher levels, possibly reaching 112 points. Such a scenario could pressure BTC and disrupt its ongoing bullish trend, especially if favorable conditions and a positive correlation between the two assets are absent. Bitcoin is being traded at $25,900, showing a minor decrease of 0.7% within the last 24 hours. However, Bitcoin bulls must reclaim the $26,000 threshold to prevent potential downward movement and further declines as the market approaches the conclusion of a new monthly closing period. Featured image from iStock, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":548897,"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":[428,656,679,78790,6664],"class_list":["post-548896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\n<title>Economic Reset Alert: Bloomberg Analyst Predicts Bitcoin Crash Below $10,000<\/title>\n<meta name=\"description\" content=\"Bitcoin has experienced a period of stability around the $26,000 mark following the recent speech by Federal Reserve Chair Jerome Powell.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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