CryptoQuant Rejects Bloomberg’s $10K Bitcoin Forecast

Mike McGlone, strategist at Bloomberg Intelligence, believes bitcoin could fall back to 10,000 dollars if American stocks fell 20%. Ki Young Ju, founder of CryptoQuant, rejects this projection and rather sets a theoretical floor around 30,000 dollars, due to institutional purchases and on-chain valuation. Mike McGlone does not present 10,000 dollars as a certain trajectory. His scenario relies on a deep correction of American stocks, which would lead bitcoin into a new wave of sales due to its high sensitivity to risky markets. The strategist also observes a bearish orientation of bitcoin’s 50-week moving average. He compares this configuration to that of 2022 and 2023, when the market was going through a prolonged correction phase.

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