The senior commodities analyst at Bloomberg Intelligence, Mike McGlone, has posted on the X social media site (formerly Twitter) that he thinks there is a good probability that Bitcoin will fall this year, maybe as low as $10,000.
“Crypto hangover could be enduring”
As the fourth quarter has begun, according to McGlone, Bitcoin’s liquidity is expected to continue to be poor, which will have an impact on its price.
According to the graphic McGlone provided, Bitcoin’s price will decline in the coming year (FF13), in line with the federal funds future. “Growing up in a world of zero interest rates, the crypto hangover could be long-lasting as global rates rise, despite signs of a recession,” he continued.
While this metric is still over 5%, according to McGlone’s statement on the X app from September, there are still few chances that the Federal Reserve would ease liquidity conditions. If the index starts to rise, it may affect Bitcoin and all other risky assets.
https://x.com/mikemcglone11/status/1709134080233668900?s=20
Even while Bitcoin has been gaining along with other risk assets, the analyst noted in today’s X post that “it may be a short-covering rally.” According to McGlone, Bitcoin’s crucial resistance level currently stands around $30,000, with “risks titled towards $10,000.”
Robert Kiyosaki names strong reason for buying Bitcoin
Robert Kiyosaki, a well-known proponent of Bitcoin and the author of the best-selling personal financial management book “Rich Dad Poor Dad,” has cited yet another significant reason why he thinks it’s time to store up on Bitcoin, as well as gold, silver, and even cash. However, he frequently referred to the latter as “trash,” emulating the catchphrase “cash is trash.”
In a tweet, Kiyosaki stated that he anticipates the U.S. Fed will release a CBDC shortly. According to Kiyosaki, this will enable the Fed to continuously monitor users’ spending. Many well-known individuals in the financial and cryptocurrency industries have already expressed their worries about China adopting the digital yuan (CBDC) in a similar manner.
Gold, silver, Bitcoin, and cash will become priceless once Fed Coin joins the market, according to Kiyosaki, who advised his Twitter followers to begin acquiring these assets as soon as possible.
