$7,000 Bitcoin? Bloomberg Analyst Warns That BTC Could Wreck Everyone Before Next Move Up

$7,000 Bitcoin? Bloomberg Analyst Warns That BTC Could Wreck Everyone Before Next Move Up


Bloomberg Intelligence’s senior macro strategist Mike McGlone is warning that Bitcoin (BTC) has a chance of plummeting to prices not seen since 2020.

McGlone tells his 57,800 Twitter followers that Bitcoin is still up nearly 4x from when the Federal Reserve started rapidly expanding the money supply during the COVID market collapse.

The analyst says that with liquidity drying up and rates going higher, a mean version back to where its rally started at about $7,000 is not out of the realm of possibility.

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That would be a near 75% decline from BTC’s current price of $26,889 at time of writing.

Says McGlone,

“[Bitcoin’s] enduring patterns of booms on the back of liquidity and busts when it’s removed that tilts our directional bias for

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