{"id":549637,"date":"2023-08-31T21:00:46","date_gmt":"2023-08-31T21:00:46","guid":{"rendered":"https:\/\/ktsl888.com\/?p=549637"},"modified":"2024-06-11T08:11:23","modified_gmt":"2024-06-11T08:11:23","slug":"bitcoin-rollercoaster-analyst-forecasts-dip-before-skyrocketing","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-rollercoaster-analyst-forecasts-dip-before-skyrocketing\/","title":{"rendered":"Bitcoin Rollercoaster: Analyst Forecasts $8,000 Dip Before Skyrocketing To $200,000"},"content":{"rendered":"<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">In his recent interview, Mike McGlone, Bloomberg Intelligence&#8217;s Senior Commodity Strategist, <a href=\"https:\/\/www.youtube.com\/watch?v=wKVsSetMHQA\" target=\"_blank\" rel=\"noopener nofollow\">predicted<\/a> Bitcoin&#8217;s<\/span><span class=\"selectable-text copyable-text\">\u00a0potential fall amid the ongoing market <\/span><span class=\"selectable-text copyable-text\">downturn.\u00a0<\/span><span class=\"selectable-text copyable-text\">However, it wasn&#8217;t all gloom from the seasoned analyst, as he also touched upon\u00a0<\/span><span class=\"selectable-text copyable-text\">the longer-term prospects of the flagship cryptocurrency.<\/span><\/p>\n<h2 dir=\"ltr\"><span class=\"selectable-text copyable-text\">Will Bitcoin Touch $8,000?<\/span><\/h2>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">It is worth noting that Bitcoin has undergone a fair share of price fluctuations since its inception. In the interview, McGlone compared Bitcoin&#8217;s <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/jpmorgan-shares-prediction-on-bitcoin-next-move\/\" target=\"_blank\" rel=\"noopener \">volatile nature<\/a>\u00a0<\/span><span class=\"selectable-text copyable-text\">to the days of the stock market. His predictions, grounded in his analytical observations, also <\/span><span class=\"selectable-text copyable-text\">prompted apprehension and agreement.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/long-term-bitcoin-holders-supply-remains-untouched\/\" target=\"_blank\" rel=\"noopener \">Long-Term Bitcoin Holders Keep The Faith: 40% Supply Remains Untouched For Over 3 Years<\/a><\/div>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">Mike McGlone&#8217;s interview was rife with insights into the cryptocurrency market, but one\u00a0<\/span><span class=\"selectable-text copyable-text\">statement stood out: his belief that Bitcoin could plunge to a low of $8,000 in the current <\/span><span class=\"selectable-text copyable-text\">bear market.<\/span><\/p>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">McGlone emphasized that despite the potential for such a drastic drop. Bitcoin <\/span><span class=\"selectable-text copyable-text\">remains the <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/long-term-bitcoin-holders-supply-remains-untouched\/\" target=\"_blank\" rel=\"noopener \">world&#8217;s top-performing asset<\/a>.\u00a0 McGlone stated that Bitcoin hasn\u2019t exhibited deflationary characteristics like Treasury bills and gold.<\/span><\/p>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\"> Instead, he pointed out that macroeconomic elements, particularly the Federal Reserve\u2019s ongoing tightening policies, continue to have a pronounced effect on Bitcoin\u2019s price.<\/span><\/p>\n<h2 dir=\"ltr\"><span class=\"selectable-text copyable-text\">Institutional Influence: Not the Immediate Boost Many Anticipate?<\/span><\/h2>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">Another popular belief within the crypto community is that spot ETF approvals, and an <\/span><span class=\"selectable-text copyable-text\">influx of <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/heres-why-this-crypto-expert-believes-ethereum-is-the-biggest-block-against-bitcoin-adoption\/\" target=\"_blank\" rel=\"noopener \">institutional investors<\/a> would catapult Bitcoin&#8217;s price to new heights. <\/span><\/p>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">McGlone,\u00a0<\/span><span class=\"selectable-text copyable-text\">however, expressed skepticism regarding this sentiment. In his view, while a spot ETF approval may sway market sentiment, it might not substantially impact<\/span><span class=\"selectable-text copyable-text\">\u00a0Bitcoin&#8217;s\u00a0<\/span><span class=\"selectable-text copyable-text\">price trajectory. McGlone suggested that the earliest spot ETF might not see daylight <\/span><span class=\"selectable-text copyable-text\">until next year.<\/span><\/p>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">On which spot ETF could potentially make the first move, McGlone&#8217;s bet is on BlackRock. Citing the institution&#8217;s <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/xrp-lawyer-reacts-grayscales-triumph-paves-way-for-bitcoins-next-big-thing\/\" target=\"_blank\" rel=\"noopener \">commanding presence<\/a> in the market and its reputation as the world&#8217;s leading asset manager, he believes BlackRock might lead the pack in the spot ETF space.<\/span><\/p>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\"><span class=\"selectable-text copyable-text\">McGlone maintained confidence in Bitcoin&#8217;s long-term bullish prospects despite these short-term projections. He reaffirmed his vision of the crypto giant eventually reaching a value of $200,000.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/ktsl888.com\/bitcoin-news\/xrp-lawyer-reacts-grayscales-triumph-paves-way-for-bitcoins-next-big-thing\/\" target=\"_blank\" rel=\"noopener \">XRP Lawyer Reacts: Grayscale\u2019s Triumph Paves Way For Bitcoin\u2019s Next Big Thing<\/a><\/div>\n<p class=\"selectable-text copyable-text iq0m558w g0rxnol2\" dir=\"ltr\">Meanwhile,\u00a0f<span class=\"selectable-text copyable-text\">ollowing the announcement of Grayscale&#8217;s legal victory against the US Securities Exchange and Commission (SEC), Bitcoin has retraced noticeably from its Tuesday peak of $27,974, dropping to $26,885 at the time of writing.<\/span><\/p>\n<figure style=\"width: 2770px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/OWl3V2XW\/\" alt=\"Bitcoin\u2019s (BTC) price chart on TradingView\" width=\"2770\" height=\"1556\"><figcaption class=\"wp-caption-text\">Bitcoin\u2019s (BTC) price is moving sideways on the 4-hour chart. Source: BTC\/USDT on<a href=\"https:\/\/www.tradingview.com\/chart\/HSuSIPeM\/?symbol=BINANCE%3ABTCUSDT\" target=\"_blank\" rel=\"noopener nofollow\"> TradingView.com<\/a><\/figcaption><\/figure>\n<p dir=\"ltr\"><span class=\"selectable-text copyable-text\">Bitcoin&#8217;s daily <a href=\"https:\/\/ktsl888.com\/news\/bitcoin\/whale-moves-bitcoin-to-exchange-amid-fbi-warnings\/\" target=\"_blank\" rel=\"noopener \">trading volume<\/a> has also dipped along with its price, dropping from last Thursday&#8217;s peak of $12 billion to $10 billion in the past 24 hours. Notably, Bitcoin&#8217;s market cap currently sits at $523 billion when writing.<\/span><\/p>\n<p dir=\"ltr\">Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In his recent interview, Mike McGlone, Bloomberg Intelligence&#8217;s Senior Commodity Strategist, predicted Bitcoin&#8217;s\u00a0potential fall amid the ongoing market downturn.\u00a0However, it wasn&#8217;t all gloom from the seasoned analyst, as he also touched upon\u00a0the longer-term prospects of the flagship cryptocurrency. Will Bitcoin Touch $8,000? It is worth noting that Bitcoin has undergone a fair share of price fluctuations since its inception. In the interview, McGlone compared Bitcoin&#8217;s volatile nature\u00a0to the days of the stock market. His predictions, grounded in his analytical observations, also prompted apprehension and agreement. Related Reading: Long-Term Bitcoin Holders Keep The Faith: 40% Supply Remains Untouched For Over 3 Years Mike McGlone&#8217;s interview was rife with insights into the cryptocurrency market, but one\u00a0statement stood out: his belief that Bitcoin could plunge to a low of $8,000 in the current bear market. McGlone emphasized that despite the potential for such a drastic drop. Bitcoin remains the world&#8217;s top-performing asset.\u00a0 McGlone stated that Bitcoin hasn\u2019t exhibited deflationary characteristics like Treasury bills and gold. Instead, he pointed out that macroeconomic elements, particularly the Federal Reserve\u2019s ongoing tightening policies, continue to have a pronounced effect on Bitcoin\u2019s price. Institutional Influence: Not the Immediate Boost Many Anticipate? Another popular belief within the crypto community is that spot ETF approvals, and an influx of institutional investors would catapult Bitcoin&#8217;s price to new heights. McGlone,\u00a0however, expressed skepticism regarding this sentiment. In his view, while a spot ETF approval may sway market sentiment, it might not substantially impact\u00a0Bitcoin&#8217;s\u00a0price trajectory. McGlone suggested that the earliest spot ETF might not see daylight until next year. On which spot ETF could potentially make the first move, McGlone&#8217;s bet is on BlackRock. Citing the institution&#8217;s commanding presence in the market and its reputation as the world&#8217;s leading asset manager, he believes BlackRock might lead the pack in the spot ETF space. McGlone maintained confidence in Bitcoin&#8217;s long-term bullish prospects despite these short-term projections. He reaffirmed his vision of the crypto giant eventually reaching a value of $200,000. Related Reading: XRP Lawyer Reacts: Grayscale\u2019s Triumph Paves Way For Bitcoin\u2019s Next Big Thing Meanwhile,\u00a0following the announcement of Grayscale&#8217;s legal victory against the US Securities Exchange and Commission (SEC), Bitcoin has retraced noticeably from its Tuesday peak of $27,974, dropping to $26,885 at the time of writing. Bitcoin&#8217;s daily trading volume has also dipped along with its price, dropping from last Thursday&#8217;s peak of $12 billion to $10 billion in the past 24 hours. Notably, Bitcoin&#8217;s market cap currently sits at $523 billion when writing. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":538164,"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":[167,428,678,1039,78790,6664],"class_list":["post-549637","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analyst","tag-bitcoin","tag-bitcoin-prediction","tag-bloomberg","tag-btcusdt","tag-crypto"],"acf":[],"yoast_head":"\n<title>Bitcoin Rollercoaster: Analyst Forecasts $8,000 Dip Before Skyrocketing To $200,000<\/title>\n<meta name=\"description\" content=\"Mike\u00a0McGlone, Bloomberg Intelligence&#039;s Senior Commodity Strategist, in his recent interview,\u00a0made a prediction about Bitcoin potential...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). 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Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/ktsl888.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Bitcoin Rollercoaster: Analyst Forecasts $8,000 Dip Before Skyrocketing To $200,000","description":"Mike\u00a0McGlone, Bloomberg Intelligence's Senior Commodity Strategist, in his recent interview,\u00a0made a prediction about Bitcoin potential...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ktsl888.com\/news\/bitcoin-rollercoaster-analyst-forecasts-dip-before-skyrocketing\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin Rollercoaster: Analyst Forecasts $8,000 Dip Before Skyrocketing To $200,000","og_description":"Mike\u00a0McGlone, Bloomberg Intelligence's Senior Commodity Strategist, in his recent interview,\u00a0made a prediction about Bitcoin 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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