Bloomberg analyst says Bitcoin may crash to $20k

Mike McGlone said that approval of BlackRock’s Bitcoin spot ETF can’t save Bitcoin from the first US recession.

At present, crypto investors are highly confident with the Bitcoin investment, as BlackRock is very near to getting regulatory approval from the United States Securities Exchange Commission (SEC) for its Bitcoin spot ETF application, and also four other assets managers filed for Bitcoin spot ETFs applications with the SEC agency. 

Following the news of the Bitcoin spot ETF application filing with the SEC, the Bitcoin trade price surged by 20% within 5 days. The current trade price of Bitcoin is $30,630. 

On 23 June 2023, Bloomberg’s senior macro strategist, Mike McGlone, warned crypto Investors to remain ready to deal with the upcoming potential correction in the Bitcoin trade price. 

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According to McGlone, Bitcoin may see a big correction & hit $20k & also have similar chances to see an increment of $10k. The senior analyst noted that approval of BlackRock’s Bitcoin spot ETF application will not shield Bitcoin from the current US negative economic environment.

Bitcoin $20,000 or $40,000? Facing the #Fed, Recession, Nasdaq – Potential launch of US ETFs won't shield #Bitcoin from facing its first US #recession, a potential equity bear market and vigilant central banks. Lessons of risk-assets vs. negative liquidity & economic contraction pic.twitter.com/plM5c5ihsg

— Mike McGlone (@mikemcglone11) June 23, 2023

Some veteran Bitcoin traders shared their analysis & said that there are very rare chances for Bitcoin to trade below $26,500, as there is very big buy support and expect that soon it will hit $35,000.

#Bitcoin is set for a clear run, with major supply barriers only appearing close to the $35,000 mark!

Conversely, critical support levels for $BTC are found within the $29,260-$30,200 and $26,500-$27,400 range. pic.twitter.com/eqiW3exDGc

— Ali (@ali_charts) June 23, 2023

BlackRock Bitcoin spot ETF

Since Q4 2021, the American securities regulatory body SEC rejected several Bitcoin spot ETFs applications but here experts believe that BlackRock will succeed in securing regulatory approval for its Bitcoin spot ETF. 

Few crypto enthusiasts believe that the Bitcoin sector will secure nearly a $16 trillion market, if BlackRock will get regulatory approval, however, it will be a matter of time.

Read also: US senator says I’m scratching my head about why the SEC sued Coinbase

Bloomberg analyst says Bitcoin may crash to $20k

 

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