The Bitcoin (BTC) price has dropped nearly 5 percent over the past 24 hours amid growing tensions over Russia and Ukraine. According to CoinMarketCap, the leading cryptocurrency is currently changing hands around $37,150 – down 5 percent from yesterday and hitting levels last seen at the start of the month. Prior to this, Bitcoin plunged the entire crypto market down to a daily low of $36,488. So, will BTC continue to decline? Bloomberg strategist Mike McGlone thinks the end of the downtrend may not be in sight anytime soon. As Kriptokoin.com, we provide the details…
Mike McGlone, not seeing a rise in Bitcoin price anytime soon
On Monday, Russia announced that it recognizes the independence of two Eastern Ukraine regions, raising fears of full-scale military action. Recent developments, which also show that Russia has started to move its troops to the so-called Donetsk People’s Republic (DNR) and Luhansk People’s Republic (LNR) overnight, have caused cryptocurrencies to lose value.
A Bloomberg who previously knew $10,000, $12,000 and $50,000 in Bitcoin price According to analyst Mike McGlone, another tough week is coming for Bitcoin. Because he argues that unless risk assets fall, inflation is unlikely to decline. Mike McGlone stated this in a tweet sharing his thoughts on the relationship between the BTC market, risk assets and inflation.
Will a new milestone come for BTC?
The short-term outlook for Bitcoin indicates volatility in the market and thinks that BTC will set a new trend. Talking about the thoughts that the US Federal Reserve will increase interest rates, McGlone thinks that the assets in the market are generally reacting to the withdrawal wave. However, he thinks that BTC could reach a milestone this year by coming out of the grip of inflation. According to McGlone, most assets may react with a pullback to seeing high inflation not seen in four decades, but this year could be another turning point for BTC.
McGlone previously stated that Bitcoin shows “different strength” when compared to stocks. In Bloomberg’s February crypto report, the strategist is optimistic about stablecoins and the largest altcoin, Ethereum. The strategist, who has an ongoing theme, is also optimistic about Ethereum and stablecoins he calls “crypto dollars”.
22610
