Sign Up on MEXCIs Bitcoin Price In A Bull Trap? Bloomberg Sr. Strategist Predicts What’s Next
Bitcoin Price News: The back to back horrific collapse of crypto friendly U.S. banks jolted the digital asset industry over the last week. The crypto market is back on track as Bitcoin (BTC) surges to trade near to $28K price level. However, a Bloomberg Senior Strategist stated that Bitcoin price is showing strength while the traditional market is printing red indexes.
Bitcoin To Trade Like Treasury Long Bond?
Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence mentioned that amid the banking crisis, Bitcoin may be progressing to trade more like U.S. Treasury long bonds and gold. This might happen as banks may face stress on the back of the bond price collapse.
Bitcoin (BTC) price has managed to decouple from the global traditional market as it registered a surge of a massive 36% over the past 7 days.
Senior Strategist in a Tweet highlighted that Bitcoin sustaining above the $25K resistance level provides a clear sign of divergent strength. BTC is trading at an average price of $27,513, at the press time.
Being optimistic, he stated that his long term view for crypto is bullish. Recovering gold rates and treasury bonds can be the companion in Bitcoin amid the near headwinds of declining risk assets ahead of a standing recession.
Bitcoin price To Reach $1 Million In Next 90 Days? Also Read
As per Mike McGlone, Bitcoin extended its 2023 high to about $26,500 on March 14 while Nasdaq 100 stock index remains about 5% below this year’s high of 12,881.
Michaël van de Poppe, CEO Of Eight Global and crypto analyst predicts that Bitcoin seems to likely achieve the $28.5-29K price level this weekend. He added that BTC managed to stay above the $26k and moved ahead. However, it will be interesting to see how BTC price reacts above the $28K price level.
Also Read: XRP Lawyer Bets On Bitcoin As Bank Contagion Spreads
- Ethereum Faces Selloff Risks As Whales’ Unrealized Profit Hits 2021 Highs
- Expert Predicts 138% Shiba Inu Rally as SHIB Futures Listing Opens Spot ETF Path
- Bitcoin Will 200x From Here, Twenty One Capital CEO Says as BTC Breaks $117K After Fed Rate Cut
- BNB Chain Takes Lead in RWA Tokenization, Expert Sees BNB Rally to $1,300
- Grayscale’s GDLC Fund Holding SOL and ADA Gets SEC Nod for NYSE Debut
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
- SHIB Price Forecast: Taker Buys Lead as Developers Counter Shibarium Exploit
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
