Bitcoin (BTC) is approaching the $ 58,000 floor again and this situation is now painful for altcoins. Many cryptocurrencies continue the day with losses of over 5%. Moreover, investors are discouraged once again as the SEC opens new fronts in its war on crypto despite the upcoming elections. So what does Mike say?
Bloomberg Analyst BTC Forecast
Since March Bitcoin price It has not been able to find the strength to reach a new all-time high and is now at $58,000. While the extremely boring action has been going on for months, short sellers have found many opportunities. They have been rewarded with the BTC drop. So how does Mike see the current situation, evaluate it and what are his predictions? A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
McGlone says BTC/USD is currently trading at around 11 times the S&P 500, which is close to a record high. In the first three months of 2020, BTC was trading at 15 times the S&P. That was a record. Mike says;
“Currently at around 11x, Bitcoin/S&P 500 peak was 15x in Q1 2020 and this year’s high was 14x. The largest influx in history and the recent launch of US ETFs could point to a swing to Bitcoin/SPX at 7x.”
In summary, according to historical data, we may be on the eve of a significant decline for BTC.
BTC Price Prediction
Popular cryptocurrency analyst Crypto Chase says there has been no break in the trend after months of consolidation following the March high. On the other hand, BTC recently retested $58,000 for the second time in the last 24 hours.
“The bright side of all this consolidation is that a trend break should be a clear signal for new all-time highs. The not so bright side is that a lower low could be in order (but I see this as a buying opportunity/should bottom before ATHs).”
It is not known how deep a bottom we will see, but BTC fell to $49,000 in August. If there is a bigger bottom, it will be very painful for altcoins.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
