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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Rollercoaster: Analyst Forecasts $8,000 Dip Before Skyrocketing To $200,000

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Bitcoin (BTC)

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In his recent interview, Mike McGlone, Bloomberg Intelligence’s Senior Commodity Strategist, predicted Bitcoin’s potential fall amid the ongoing market downturn. However, it wasn’t all gloom from the seasoned analyst, as he also touched upon the 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’s volatile nature to the days of the stock market. His predictions, grounded in his analytical observations, also prompted apprehension and agreement.

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Mike McGlone’s interview was rife with insights into the cryptocurrency market, but one statement 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’s top-performing asset.  McGlone stated that Bitcoin hasn’t exhibited deflationary characteristics like Treasury bills and gold.

Instead, he pointed out that macroeconomic elements, particularly the Federal Reserve’s ongoing tightening policies, continue to have a pronounced effect on Bitcoin’s 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’s price to new heights.

McGlone, however, expressed skepticism regarding this sentiment. In his view, while a spot ETF approval may sway market sentiment, it might not substantially impact Bitcoin’s price 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’s bet is on BlackRock. Citing the institution’s commanding presence in the market and its reputation as the world’s leading asset manager, he believes BlackRock might lead the pack in the spot ETF space.

McGlone maintained confidence in Bitcoin’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.

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Meanwhile, following the announcement of Grayscale’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’s (BTC) price chart on TradingView
Bitcoin’s (BTC) price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Bitcoin’s daily trading volume has also dipped along with its price, dropping from last Thursday’s peak of $12 billion to $10 billion in the past 24 hours. Notably, Bitcoin’s market cap currently sits at $523 billion when writing.

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. 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.

Read more

Edyme’s 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—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll 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’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” 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’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s 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’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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