Has Bitcoin Bottomed? Bloomberg’s Mike McGlone gives an insightful take ⋆ ZyCrypto
The cryptocurrency market is speculating that better days may be closer than expected for Bitcoiners. According to some market analysts, Bitcoin, the largest crypto by market capitalization, has bottomed out.
However, a key figure in the market has put forward an opposite point of view. McMGlone, senior strategist at Bloomberg, does not seem to agree that Bitcoin has bottomed out.
A Bitcoin bottom is usually good news for Bitcoin followers. When Bitcoin hits the bottom, a bounce occurs and the price of the asset usually takes an upward turn. However, it is worth noting that predicting a Bitcoin bottom is extremely difficult, and predictions have often been inaccurate.
The strategist claims that Bitcoin needs to rally to the $25,000 level to work its way back into the Risk-Asset Revival. He further argued that the cryptocurrency market, which often correlates with the stock market, could reveal an increase in short positions this month if the stock market is not in yet.
“Bitcoin may need to break $25,000 for risk-asset revival – Just in case the crypto and stock market declines are not in, tactical Bitcoin/crypto shorts may be justified in early March. Monetary policy trades with a long, variable lag. For a year ago the Fed Funds rate was zero.” McMGlone explained.
Crypto market experiences bearish storm; Bitcoin and other altcoins offer significant gains
The cryptocurrency market has seen its fair share of losses and gains in 2023, although the losses seem to outweigh the gains at this point. Bitcoin, the leading cryptocurrency and altcoin market, recorded gains at the start of the year. This would give a positive outlook to the market as the sentiments of key players took a bullish turn.
At the time of this report, Bitcoin and most altcoins in the market are recording significant hourly and daily losses. The cryptocurrency market has seen a decline of 4.19% as the global crypto market cap falls to $1.02 trillion.
Bitcoin is down 4.80% in the last 72 hours, causing it to lose momentum above $23,000. Bitcoin nearly closed February above $24,000 after building momentum at that price point for six days. Despite a slight drop in price, the asset managed to stay above $23,000 at the end of February.
Bitcoin is now trading at $22,444. With the market shedding many gains, the asset could fall even lower, as some market analysts had predicted.
