Bloomberg Analyst Mike McGlone Drops New Prediction About Bitcoin

It’s been just revealed that the Bloomberg analyst Mike McGlone has just dropped a new prediction about Bitcoin’s price. Check out the latest reports below.

Bloomberg Intelligence’s senior macro strategist Mike McGlone has been talking about his bearish outlook on Bitcoin (BTC) after the crypto king’s strong performance in the first half of the year.

McGlone recently said that he thinks Bitcoin is in a poor technical position. The king coin continues to edge downward despite the recent strength in the stock market.

As the online publication the Daily Hodl notes, according to the market strategist, Bitcoin’s rally above $30,000 this year could be seen as an overextended bounce within a macro bear winter.

“Bitcoin may be extended within a downtrend…

Our graphic shows the downward journey of Bitcoin’s 52-week moving average vs. the upward trend at the onset of the pandemic. The crypto has bounced from too cold in 2022 at around $15,000 and may have turned too hot in April at about $30,000.”

He continued and said the following:

“It’s the enduring patterns of booms on the back of liquidity and busts when it’s removed that tilts our direction bias for Bitcoin toward respecting the down-sloping 52-week mean.”

He also stated the fact that the Fed has tightened twice despite a bank run and this sis an issue that may show the central bank’s tenacity. “Slumping copper and cryptos appear to be heeding the warning in contrast notably to the resilient stock market.”

The other day, we revealed the fact that the BTC mining hashrate, a measure of computing power on the network, will likely decline dramatically a year from now, once rewards are halved.

“Roughly every four years, the reward for successfully mining a Bitcoin block is cut in half. This event, known as the halving, reduces inflationary pressure on Bitcoin. Currently, rewards are 6.25 BTC per block ($170,000) and in April 2024, they will be reduced to 3.125 BTC per block ($85,000),” the online publication writes.