{"id":554082,"date":"2023-10-04T20:00:04","date_gmt":"2023-10-04T20:00:04","guid":{"rendered":"https:\/\/wncen.com\/?p=554082"},"modified":"2024-06-11T09:38:04","modified_gmt":"2024-06-11T09:38:04","slug":"bitcoin-price-crash-to-10000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-crash-to-10000\/","title":{"rendered":"Will Bitcoin Price Crash To $10,000? Bloomberg Expert Reveals When"},"content":{"rendered":"

Many analysts have weighed on the <\/span>potential trajectory<\/span><\/a> of the flagship cryptocurrency, Bitcoin. This time, <\/span>Bloomberg<\/span><\/a> analyst Mike McGlone has <\/span>highlighted<\/span><\/a> the possibility of Bitcoin price declining further and when this could happen.<\/span><\/p>\n

Bitcoin Price Could Decline Further<\/h2>\n

In a <\/span>tweet<\/span><\/a> on his X (formerly Twitter) platform, McGlone noted that Bitcoin risks declining to $10,000 (which could happen by year-end) as it continues to battle <\/span>the $30,000 resistance level<\/span><\/a>.\u00a0<\/span><\/p>\n

This resistance level has long been touted as the key to a <\/span>sustained breakout in Bitcoin\u2019s price<\/span><\/a>. However, going by the analysis that McGlone shared, the odds seem to be against this happening.\u00a0<\/span><\/p>\n

Bitcoin<\/span><\/a> has risen significantly in 2023, considering that the crypto asset traded at around $16,000 at the beginning of the year. But, McGlone warned that this may be a \u201cshort-covering rally.\u201d<\/span><\/p>\n

As part of this analysis, he noted that liquidity in the Bitcoin ecosystem remained negative heading into the fourth quarter. This ultimately means there is more selling pressure than buying pressure, which could affect Bitcoin\u2019s price.\u00a0<\/span><\/p>\n

Another factor is the rising interest rates. McGlone noted that Bitcoin gained prominence in a \u201czero interest-rate world\u201d with greater financial freedom. But now, <\/span>Bitcoin (alongside other cryptocurrencies)<\/span><\/a> might continue to endure a hangover as \u201cglobal rates continue to rise.\u201d\u00a0<\/span><\/p>\n

Global <\/span>inflation<\/span><\/a> is said to be on the rise, and to curb it, authorities are raising interest rates, which could restrict spending and, by extension, the liquidity that goes into the crypto market.\u00a0<\/span><\/p>\n

Meanwhile, the analysis noted Bitcoin\u2019s importance in the grand scheme of things. Bloomberg Intelligence drew a correlation between the FED fund futures and Bitcoin\u2019s price. According to projections, Bitcoin needs to decline further before there can be a liquidity reversal in those funds.\u00a0<\/span><\/p>\n

While the <\/span>Federal Reserve<\/span><\/a> may not care about Bitcoin, he stated that Bitcoin\u2019s \u201c24\/7-traded, leading indicator status could be gaining traction.\u201d<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC could fall to $10,000 | Source: X<\/pre>\n
The Fate Of The Broader Crypto Market<\/h2>\n
In another <\/span>tweet<\/span><\/a>, McGlone noted that cryptocurrencies \u201cmight be leaning into recession.\u201d To drive home this point, he highlighted the relation between the <\/span>crypto and stock market<\/span><\/a> and stated that the latter could succumb to an \u201cebbing tide\u201d suppose the stock market were to experience a \u201ctypical drawdown\u201d due to a recession.\u00a0<\/span><\/p>\n
Despite the \u201cbroader on-and-of-again fluctuations,\u201d this projection is said to be reflected in the \u201cdownward trajectory\u201d of the <\/span>Bloomberg Galaxy Crypto Index<\/span><\/a> (BGCI) and <\/span>Russell 2000 Index<\/span><\/a> (RTY) from their all-time highs in 2022. Both markets have remained tepid and continue to consolidate as they anticipate a \u201ccatalyst\u201d that could spark a price surge.\u00a0<\/span><\/p>\n
This analysis is similar to that of crypto analyst Nicholas Merten, who, while drawing out the direct relation between both markets, <\/span>noted<\/span><\/a> that if the stocks of big tech companies like Apple and Microsoft don\u2019t start picking up, there could be a \u201creally big problem\u201d for the crypto market.\u00a0<\/span><\/p>\n
\"Bitcoin<\/p>\n
BTC price still holding above $27,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Investor’s Business Daily, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Many analysts have weighed on the potential trajectory of the flagship cryptocurrency, Bitcoin. This time, Bloomberg analyst Mike McGlone has highlighted the possibility of Bitcoin price declining further and when this could happen. Bitcoin Price Could Decline Further In a tweet on his X (formerly Twitter) platform, McGlone noted that Bitcoin risks declining to $10,000 (which could happen by year-end) as it continues to battle the $30,000 resistance level.\u00a0 This resistance level has long been touted as the key to a sustained breakout in Bitcoin\u2019s price. However, going by the analysis that McGlone shared, the odds seem to be against this happening.\u00a0 Bitcoin has risen significantly in 2023, considering that the crypto asset traded at around $16,000 at the beginning of the year. But, McGlone warned that this may be a \u201cshort-covering rally.\u201d As part of this analysis, he noted that liquidity in the Bitcoin ecosystem remained negative heading into the fourth quarter. This ultimately means there is more selling pressure than buying pressure, which could affect Bitcoin\u2019s price.\u00a0 Another factor is the rising interest rates. McGlone noted that Bitcoin gained prominence in a \u201czero interest-rate world\u201d with greater financial freedom. But now, Bitcoin (alongside other cryptocurrencies) might continue to endure a hangover as \u201cglobal rates continue to rise.\u201d\u00a0 Global inflation is said to be on the rise, and to curb it, authorities are raising interest rates, which could restrict spending and, by extension, the liquidity that goes into the crypto market.\u00a0 Meanwhile, the analysis noted Bitcoin\u2019s importance in the grand scheme of things. Bloomberg Intelligence drew a correlation between the FED fund futures and Bitcoin\u2019s price. According to projections, Bitcoin needs to decline further before there can be a liquidity reversal in those funds.\u00a0 While the Federal Reserve may not care about Bitcoin, he stated that Bitcoin\u2019s \u201c24\/7-traded, leading indicator status could be gaining traction.\u201d BTC could fall to $10,000 | Source: X The Fate Of The Broader Crypto Market In another tweet, McGlone noted that cryptocurrencies \u201cmight be leaning into recession.\u201d To drive home this point, he highlighted the relation between the crypto and stock market and stated that the latter could succumb to an \u201cebbing tide\u201d suppose the stock market were to experience a \u201ctypical drawdown\u201d due to a recession.\u00a0 Despite the \u201cbroader on-and-of-again fluctuations,\u201d this projection is said to be reflected in the \u201cdownward trajectory\u201d of the Bloomberg Galaxy Crypto Index (BGCI) and Russell 2000 Index (RTY) from their all-time highs in 2022. Both markets have remained tepid and continue to consolidate as they anticipate a \u201ccatalyst\u201d that could spark a price surge.\u00a0 This analysis is similar to that of crypto analyst Nicholas Merten, who, while drawing out the direct relation between both markets, noted that if the stocks of big tech companies like Apple and Microsoft don\u2019t start picking up, there could be a \u201creally big problem\u201d for the crypto market.\u00a0 BTC price still holding above $27,000 | Source: BTCUSD on Tradingview.com Featured image from Investor’s Business Daily, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":554085,"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":[428,656,679,1039,89569,1119,89185,1144,78790,6664,14690],"class_list":["post-554082","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bloomberg","tag-bloomberg-news","tag-btc","tag-btc-news","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\nWill Bitcoin Price Crash To $10,000? 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Will Bitcoin Price Crash To $10,000? 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