{"id":14440,"date":"2022-11-12T09:34:05","date_gmt":"2022-11-12T09:34:05","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-vulnerable-after-ftx-crisis-could-drop-to-10k-bloomberg-analyst-warns\/"},"modified":"2022-11-12T09:34:05","modified_gmt":"2022-11-12T09:34:05","slug":"bitcoin-vulnerable-after-ftx-crisis-could-drop-to-10k-bloomberg-analyst-warns","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-vulnerable-after-ftx-crisis-could-drop-to-10k-bloomberg-analyst-warns\/","title":{"rendered":"Bitcoin Vulnerable After FTX Crisis, Could Drop to 10K, Bloomberg Analyst Warns"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>According to Bloomberg Intelligence senior commodity analyst, Mike McGlone, Bitcoin (BTC) might fall to values last seen in July 2020.<\/p>\n<p>McGlone thinks that there is a possibility that Bitcoin might decline 39% from its present price and revisit the $10,000 support level in the following weeks.<\/p>\n<p>The macro strategist highlights in his latest analysis that the crypto selloff this week has disclosed the challenges that risk assets will face in the future. Talking to his more than 50,000 followers, McGlone <a href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1590681222380130305\">tweeted<\/a>:<\/p>\n<p><em><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">\u201cNow What, Bitcoin? $10,000-$20,000 Might Mark Range \u2013 The world\u2019s most fluid 24\/7 trading vehicle and leading indicator, Bitcoin<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">, has broken down with implications for all risk assets. Bitcoin may revisit $10,000-$12,000 support, but about $1,000 Ethereum <\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">may be the key pivot.\u201d<\/span><\/em><\/p>\n<p>McGlone elaborated:<\/p>\n<p><em>\u201cThe great risk-asset reversion of 2022 has become clear as of November 9, but it\u2019s the remaining trading sessions that may set the stage for 2023, with Bitcoin \u2013 one of the fastest horses in the race, and top leading indicator \u2013 breaching support and risks revisiting $10,000 support.\u201d<\/em><\/p>\n<p>The Bloomberg analyst warns that the aftermath of FTX\u2019s downfall which led to loss of trust of market participants in crypto, will have long-lasting impact:<\/p>\n<p><em>\u201cThe loss of confidence from FTX\u2019s downfall and its leader, Sam Bankman-Fried, is a shock to cryptos, but the macroeconomic dominoes may be more significant.\u201d<\/em><\/p>\n<p>At time of writing, <a href=\"https:\/\/igaming.org\/cryptocurrencies\/section\/what-is-a-bitcoin\/\">Bitcoin<\/a> is trading 21% down in the last seven days at $16,848, according to <a href=\"https:\/\/igaming.org\/cryptocurrencies\/coinmarketcap\/\">CoinMarketCap<\/a> data. <a href=\"https:\/\/igaming.org\/cryptocurrencies\/ethereum-alternative-coin\/\">Ethereum<\/a> is valued at $1,262 per coin at a weekly loss of 3% in valuation.<\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/igaming.org\/crypto\/bitcoin-vulnerable-after-ftx-crisis-could-drop-to-10k-bloomberg-analyst-warns\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) According to Bloomberg Intelligence senior commodity analyst, Mike McGlone, Bitcoin (BTC) might fall to values last seen in July 2020. McGlone thinks that there is a possibility that Bitcoin might decline 39% from its present price and revisit the $10,000 support level in the following weeks. [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":12757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/14440"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=14440"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/14440\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/12757"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=14440"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=14440"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=14440"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}