Bloomberg Intelligence senior macro strategist Mike McGlone is setting a new potential price floor for the Bitcoin (BTC) bear market.
In a new interview with crypto analyst CryptoBirb, McGlone says Bitcoin’s heavy breakdown from previous support levels was a strong sign that BTC was headed significantly lower.
He says Bitcoin could drop down nearly 40% from today’s price. At time of writing, BTC is changing hands at $16,373.
“Initially, when the market broke down that was my indication it’s going to continue to break down because volatility is almost always a great indicator, particularly when you reach an all-time low. When markets breakout from a consolidating range with a good reason, it means it’s going down a lot lower. So that’s why I put out