$10,000 on demand? According to Investing.com



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Investing.com – After hitting two-year lows in recent days following the collapse of cryptocurrency platform FTX, some people believe the worst is over and Bitcoin is about to start a sustained rally.

However, some analysts remain cautious and believe that Bitcoin will eventually lose more ground before rallying.

This is especially true of Mike McGlone, chief macro strategist at Bloomberg Intelligence, who in an interview with CryptoBirb yesterday estimated that it could see an even bigger drop.

According to Mike McGlone, Bitcoin could fall another 40%.

In fact, he talked about the possibility of another 40% drop from current levels, which means a target of $10,000.

“Early on, when the market crashed, he told me it would continue to crash because volatility is almost always a great indicator. When markets break out of a consolidation range for a good reason, it means they will. much smaller. That’s why I said earlier that bitcoin will stabilize to the $10,000-$12,000 area,” McGlone said.

According to Digital Wealth, Bitcoin has a low of $14,500

For his part, Daniele Bernardi, CTO of Digital Wealth, who also spoke about the new decline in Bitcoin yesterday, predicts a slightly higher ground.

“The floor price is $14,500, but I think it’s only for a few days,” he said. “Growth may return next year,” he added.

It should be noted that the forecasts of the Bernardi company are based on purely mathematical and technical analysis.

“Bitcoin’s cycle is very repetitive, based on the fact that it halves every four years, which reduces the reward for miners,” he explained. “So basically we’re looking at a lot of quantum data related to that, and we’ve found a huge pattern of these motions,” he explained.

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However, despite his short-term predictions, Bernardi believes Bitcoin’s future will remain bullish in the long run:

“In our research published in Coin Telegraph, we found that bitcoin prices are ultimately driven by demand,” he said. “User adoption is increasing, even during this period [bajista]…which means that bitcoin will continue to grow in the long run, even with high volatility.

Source: news.google.com

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