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Popular Bloomberg analyst warns investors that Bitcoin (BTC) is about to make a major move. Here is a critical warning to investors from the expert!
Bloomberg Analyst’s Bitcoin Comment!
Bloomberg Intelligence’s senior macro cryptocurrency analyst Mike McGlone told his followers on social media platform X that the leading cryptocurrency is stuck in a narrow range between moving averages and this indicates volatility in the near future. The expert analyst stated the following in his comments:
There are risks of a brief clean-up on the morning of October 16. Bitcoin’s range of $25,000-$29,000 is narrowing. Bitcoin, which is stuck between 50 and 100-week moving averages as annual volatility reaches a new low, is ready to move as much as possible.
“Big Move in BTC!”
According to expert analyst McGlone, BTC is expected to make a big move. The only question for investors is in which direction the movement will be. The analyst pointed out that the possibility of BTC collapsing downwards is higher rather than recovering. The analyst stated the following about the subject:
This is a directional issue and my tendency is down, with the highest liquidity measure, federal fund futures within a year… Usually, a prerequisite for this liquidity indicator to turn positive is for Bitcoin to fall. If the highly speculative crypto leading indicator can remain above the downward sloping 100-week average, it may indicate the appetite for risk, inflation, and further constraints on central banks.
The cryptocurrency analyst also discussed the possible effects of the Federal Reserve’s moves on Bitcoin and finally said the following:
This situation may still be part of a lose-lose scenario for risk assets, depending on the trends in the latter stages of the economic cycle that the Fed is still tightening. Bitcoin volatility, which indicates a broad relaxation of the market, is about 2.8 times higher as of October 13 compared to 500 and above 1.9 times the lowest level in the fourth quarter of 2020.
