EddieJayonCrypto

 10 Mar 25

tl;dr

Mike McGlone, senior commodity strategist at Bloomberg, predicts that the price of Bitcoin may drop to $70,000. Despite the excitement over the creation of a strategic Bitcoin reserve in the U.S., the Bitcoin market is experiencing "extreme fear" again. The Bitcoin to gold ratio is currently at 28X,...

Bloomberg's senior commodity strategist, Mike McGlone, predicts that the price of Bitcoin may potentially drop to $70,000. Despite the excitement over the creation of a strategic Bitcoin reserve in the U.S., the Bitcoin market is currently experiencing "extreme fear" once again. The Bitcoin to gold ratio is currently at 28X, but McGlone expects it to potentially drop to as low as 21X. Bitcoin recently hit an intraday low of $80,123, and financial commentator Peter Schiff believes the correction will continue for the rest of the decade.


Meanwhile, the Bitcoin market has succumbed to "extreme fear" once again despite the excitement surrounding the creation of a strategic Bitcoin reserve in the U.S. The widely tracked Bitcoin to gold ratio, which measures how many ounces of the yellow metal are required to purchase a single coin, is currently sitting at 28X. However, McGlone expects Bitcoin to keep underperforming this year, with the ratio potentially dropping to as low as 21X.


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