Bitcoin Price Could Fall to $70,000, Predicts Bloomberg Strategist 

Bloomberg’s senior commodity strategist, Mike McGlone, has suggested that Bitcoin’s price could fall to as low as $70,000.

Currently, the Bitcoin-to-gold ratio, which shows how many ounces of gold it takes to buy one Bitcoin, stands at 28X. McGlone anticipates a decline in Bitcoin’s performance this year, with the ratio possibly dropping to 21X.

He pointed out that such a move could happen, especially if the U.S. stock market corrects some of its significant gains from the previous year, which totaled nearly $12 trillion.

Despite the U.S. government’s push to establish a Bitcoin reserve, the market is once again gripped by “extreme fear.”

READ MORE:

Bitcoin Could Become Wall Street’s Most Traded Asset, According to Tom Lee

Meanwhile, Peter Schiff, a vocal crypto critic, believes the ongoing market correction is long overdue and forecasts that this trend may persist for years. He described it as a long-term shift that could span the rest of the decade.

In related news, a whale who shorted Bitcoin during its recent price drops has seen a substantial profit. According to Lookonchain, the whale shorted Bitcoin at $96,500 in February and set their profit-taking orders between the $70,000-$74,000 range. As a result, they stand to gain over $7.5 million in unrealized profits.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.