Boloberg McGlone expects that Bitcoin may decrease to $ 70,000 – Tradingvief News

Mike McChelon, the largest commodity strategy in Bloomberg, predicted that the price of bitcoin may decline to $ 70,000.

The percentage of Bitcoin to Gold is widely tracked, which measures the number of ounces of the yellow metal required to buy one currency, is currently on 28x. However, McGlone expects Bitcoin to maintain poor performance this year, as the ratio may decrease to 21x.

“My bias tends this way, especially if the US stock market reflects some progress of about 12 trillion dollars last year,” said Mcchelon.

The extreme fear returns

Meanwhile, Bitcoin market surrendered to “extreme fear” again despite the excitement surrounding the creation of the Bitcoin Strategic Reserve in the United States

Earlier in the day, Bitcoin decreased to the lowest level of the day at $ 80,123, according to COININECKO data. The leading cryptocurrency changes hands at $ 81,321 at the time of the press.

A wider landing trend?

Meanwhile, Crypto’s anti -CRIPTO financial suspect, Peter Chef, saw that the correction had been late, expecting that it would continue for the rest of the contract. He pointed out that “I think this will be a strong trend late for a long time and is likely to continue for the rest of the contract.”

Short

According to Lokonchain Data, the Bitcoin whale, which was shortened during the recent price corrections, ended in more than $ 7.5 million of unreasonable profits.

The whale concerned with Bitcoin missed $ 96,500 in February. It is worth noting that the orders of the whale reduce the profits between the level between 70,000 to 74,000 dollars.