Recent changes in the cryptocurrency market have sparked discussions among analysts about the current and potential future fluctuations in Bitcoin's price. Bloomberg's chief commodity strategist Mike McGlone has shared his views on Bitcoin's price decline.
Bitcoin and Gold Downturn
Mike McGlone noted that the current reversal of record value concerns not only Bitcoin but also gold and other risk assets. However, due to its high volatility, Bitcoin has been hit the hardest. McGlone emphasized that this decline is just a part of normal reversion. Currently, Bitcoin is trading at $93,260, having lost over 2% in the past day and about 14% over the past week.
Global Market Crash Risks
The 'Rich Dad, Poor Dad' author Robert Kiyosaki in his recent post hinted that global economies and financial markets have started experiencing a global crash. He advised his followers to be prudent with their finances and keep their jobs and sources of income. Kiyosaki stated that 'gold, silver, and Bitcoin hold their value' regardless of which way the economy goes.
Future Bitcoin Predictions
A recent report from The Kobeissi Letter hints at a potential BTC drop by $20,000 in the coming weeks. The report noted the relationship between Bitcoin and the global monetary supply, predicting a massive dip if the crypto continues to move in tandem with global economic trends. Renowned analyst Rekt Capital also noted that Bitcoin has lost its weekly support and its 5-week technical uptrend is over.
Despite the current situation, institutional players like Matador and MicroStrategy continue to express interest in Bitcoin, indicating sustained confidence in the cryptocurrency in the long run.
