discuss Bitcoin Bubble About To Burst? Analyst Warns Prices Could Dip To $7,000

[Petersonadolf]

Bitcoin is at it again, it always has my chest shook.

Mike McGlone, a senior commodity strategist at Bloomberg, has highlighted Bitcoin’s (BTC) historical patterns of boom and bust, which are closely tied to liquidity. According to McGlone, Bitcoin’s current price level of around $27,000 may be at risk of reversion, considering that it was only $7,000 at the end of 2019 before the massive liquidity pump in 2020.

Source: cryptounveil.com/?p=846

Bitcoin Faces Unprecedented Risk?​

McGlone’s analysis also indicates that Bitcoin’s downward trajectory, as demonstrated by its 52-week moving average, contrasts with the upward trend it experienced at the onset of the pandemic. This suggests that the cryptocurrency is susceptible to booms when liquidity is abundant but vulnerable to busts when liquidity is removed. As such, McGlone recommends respecting the down-sloping 52-week mean in assessing Bitcoin’s direction bias.

 

[Haroon Basha]

I don't agree with this analysis.

 

[Petersonadolf]

I also do not agree but Crypto is one hell of a sport. It always has my heart racing even though sometimes it could be interesting and favors me on it's good days.

 

[alcy]

lol 1000 different predictions per day... every day. next

 

[Petersonadolf]

It's insane. I can't wait for it to actually skyrocket like the last time, we have a score to settle.