Mike McGlone Warns Bitcoin Could Drop to $10,000 Amid High Volatility
- Market Cycle Warning: Bloomberg's Senior Commodity Strategist Mike McGlone highlights that cryptocurrencies are underperforming amid a potential end to the risk asset cycle, suggesting significant price drops for Bitcoin, which intensifies investor focus on high-volatility assets.
- Volatility Analysis: While the Bloomberg Galaxy Crypto Index has risen approximately 90% since the end of 2017, its annualized volatility is about seven times that of stocks, indicating that the instability in the crypto market may heighten investor caution.
- Bitcoin Price Prediction: McGlone warns that Bitcoin could plummet to $10,000 by 2026, marking a steep decline from recent levels, with historical data suggesting initial support around $50,000, indicating a potential major market adjustment.
- Increased Regulatory Risks: The Coincu research team notes that cryptocurrencies may face further regulatory scrutiny, impacting their financial and technological landscapes, and while such developments could accelerate market maturation, vigilance regarding volatility and risk cycles remains essential.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36118.443 | 48059.221 | 60388.463 | 72329.241 | 84658.483 | 96599.261 | 108928.503 |
| Fibonacci | 48059.221 | 57330.369 | 63058.094 | 72329.241 | 81600.389 | 87328.114 | 96599.261 |
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