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01/24 15:56

Here's What Happens If Bitcoin Falls Under $100,000, Mike McGlone Warns

Mike McGlone, Chief Commodities Strategist at Bloomberg Intelligence, has published several tweets, stating that it is vitally important for the world’s leading cryptocurrency, Bitcoin, to stay above the $100,000 level. Advertisement At the same time, he expressed a take that the BTC price is likely to keep ascending this year. McGlone also warned how financial markets might react should Bitcoin decline below the $100,000 level."Crypto prices have to continue rising"McGlone’s tweet states that the main driver of the recent Bitcoin price pump has been Trump’s November election victory. He said that while, before it happened, the crypto community hoped that the BTC price would go up, now this attitude has changed to "price must go higher or else." This needs to happen, he stated, so that Bitcoin avoids “signalling a bubble peak and risk asset headwinds.”  HOT Stories XRP Blows out Bollinger Bands as Biggest Expansion Ever Is Recorded Ripple Reveals New Key Date in Legal Battle with SEC Here's What Happens If Bitcoin Falls Under $100,000, Mike McGlone Warns Cardano's Plomin Upgrade Clears Crucial Hurdle — Will ADA Price Follow? "Number go up" is a crypto mantra that may have shifted to "price must go higher or else" since Trump's reelection, with implications for #gold. A key question for 2025 that might favor the metal is how much better can things get for #Bitcoin above its $100,000 threshold? My… pic.twitter.com/TN1aVjPR0Q— Mike McGlone (@mikemcglone11) January 24, 2025 The Bloomberg Intelligence expert believes that the Bitcoin price is likely to continue surging this year. If the opposite scenario takes place, he said, the stock market may also see a downturn, since BTC and stocks are closely interconnected, according to McGlone. Advertisement Related Fri, 01/24/2025 - 10:11 $800 Million Worth of Bitcoin Mysteriously Moved as BTC Soars, Here's What's Happening Yuri Molchan A Bitcoin decline below $100,000 might trigger “deflationary pressures and lower bond yields.” In this case, the Bloomberg strategist added, investors may turn their attention to gold as the traditional store of value and a hedge against falling markets.Bitcoin May Need to Stay Above $100,000, or Else - In similar upward trajectories from 2022 nadirs, #gold and #Bitcoin could be running into resistance thresholds, and what might matter most is the crypto vs. $100,000. If Bitcoin backs down, it would suggest similar for the… pic.twitter.com/1Wyx885r7I— Mike McGlone (@mikemcglone11) January 24, 2025
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