Mike McGlone is famous for predicting critical Bitcoin levels. A new BTC prediction came from McGlone. As we stated as Kriptokoin.com, McGlone has made predictions before. He correctly predicted $6,000, $12,000, and $50,000 in Bitcoin price. Let’s look at the details.
Today’s developments on the news front
It’s a quiet day on the news front. Therefore, traders have little motivation to actively trade the market. Therefore, the cryptocurrency market continues to consolidate on Friday. The countdown has officially begun for the SEC’s decision on the latest spot Bitcoin (BTC) exchange-traded fund (ETF) applications. However, the regulator has up to 240 days to make its final decision.
There are weak earnings reports from Tesla and Netflix. These dwarf the positive reports from other companies earlier in the week. It also shows that the economy is still facing significant challenges. As a result, stocks were trading mixed. S&P and Nasdaq ended the day in the red, down 0.68% and 2.05%, respectively. Also, the Dow closed 0.47% higher.
Bitcoin data
Data provided by TradingView shows that Bitcoin bulls are attempting to make a move higher early on Thursday. However, it signals rejection by the bears around $30,500. Accordingly, it later saw its price shatter the $30,000 support, reaching a daily low of $29,665. BTC has since climbed above $29,700.
Kitco senior technical analyst Jim Wyckoff notes that Bitcoin futures prices for August were trading slightly higher during the early trading hours in the US. But other than that, he says, “There’s not much new late this week.”
“Prices hit their lowest level in four weeks on Tuesday,” Wyckoff said. However, trade became flat and volatile again. The bulls still generally have the short-term technical advantage. But to gain new strength, they need to push prices above the recent volatile and sideways trading range.” uses the phrase.
Economic realities overshadow recent momentum
Let’s not forget Mike McGlone, senior macro strategist at Bloomberg Intelligence, warned that “There may be a bigger problem”. The issue causing the warning is the latest ETF filings. Despite this, there are concerns about Bitcoin losing momentum. McGlone tweeted on Thursday, “The potential for an ETF launch and the stalling of Bitcoin standing at around $30,000 amid the seemingly unstoppable stock market may be pointing to bigger economic problems.” said.
In the analysis accompanying McGlone’s tweet, there could be a drop after the BTC price jumped 100% from the 2022 low. “The risk asset rally in 2023 has not been recently confirmed by the asset, which some see as the fastest route in the race,” McGlone says. Also, “There has been a nearly 20% increase since the first quarter for the Nasdaq 100 Stock Index. Accordingly, there is a possibility that a similar situation may occur for Bitcoin. Or it could be a harbinger of headwinds from a potential deflationary economic storm. Our expectation is for the latter.” is emphasizing.
An alarming trend is emerging in financial markets, according to market analyst McGlone. McGlone notes that the rising stock market appears to be affecting the Fed funds rate. He states that this could lead to a lose-lose situation for the economy and inflation. This effect is reflected in weakening commodities, cryptocurrencies and US Treasury bond yields.
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