Mike McGlone of Bloomberg has forecasted that Bitcoin might fall to $70,000. The expert also noted the threat of declining performance amidst overall market panic.
Mike McGlone's Forecast
Bloomberg's senior commodity strategist Mike McGlone stated that Bitcoin's price could dip to $70,000. He conveyed a viewpoint that emphasizes potential decline, especially if the US stock market reverses last year's $12 trillion gain.
Market Condition
The Bitcoin market is engulfed in 'extreme fear' despite optimism surrounding US plans for strategic Bitcoin reserves. As per CoinGecko data, Bitcoin's price fell to an intraday low of $80,123. The widely tracked Bitcoin to gold ratio is at 28X, with projections for it to decline to 21X.
Peter Schiff's Opinion
Financial commentator Peter Schiff mentioned that the ongoing Bitcoin correction was overdue and speculated it might persist for the coming years.
Predictions about potential Bitcoin price declines reflect market uncertainty sentiments. Expert opinions vary, indicating further cryptocurrency price fluctuations.
