Bloomberg Analyst Reveals His Price Floor for Bitcoin (BTC), Says Not Allocating to Crypto Risky for Institutions

Bloomberg Analyst Reveals His Price Floor for Bitcoin (BTC), Says Not Allocating to Crypto Risky for Institutions


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.

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“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

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