Mike McGlone explains why Bitcoin devalues upto $30,000 level

March 7, 2022

Mike McGlone, Bloomberg, Senior Commodity Strategist tweeted that Bitcoin may take the reverse gear up to $30,000 level.

However, Glassnode highlights the positive growth graph. Shall we consider it as a product cycle growth? Is it not hitting the maturity level yet? 

If yes, then after maturity, it might decline or remain constant which is not possible in crypto world!  

According to Mike McGlone, the 2% decline might be a sign of a rough week for Bitcoin, which can be correlated with the stock market. This month, Bitcoin has lost its market value from $44,031 to $39,522.

According to Glassnode data, investors poured about 1,054 BTC into the fund,  Canadian Bitcoin ETF tempted over $38 million worth of Bitcoin this week.

Joseph Edwards, Solrise Group, head of financial strategy, highlights the status of cryptocurrency during the war.

The war has altered the status of bitcoin