McGlone Predicts Bitcoin Price

The horrific back-to-back collapse of crypto-friendly US banks shook the digital assets industry last week. In the following period, the crypto market got back on track as Bitcoin approached the $28,000 price level. However, a Bloomberg Senior Strategist noted that the Bitcoin price is showing strength as the traditional market prints red indices.

Bloomberg Intelligence Macro Strategist Mike McGlone mentioned that amid the banking crisis, Bitcoin could move forward to trade like US Treasury bonds and gold. This can happen because banks may face stress following the fall in bond prices.

Bitcoin (BTC) price has managed to break out of the global traditional market as it has recorded a massive 36% increase over the past 7 days. In a tweet, the Senior Strategist highlighted that Bitcoin holding above the $25,000 resistance level is a clear sign of divergent strength.

“Banking Issues May Define #Bitcoin, Crypto Dollars – Bitcoin may be progressing to trade more like US Treasury long #bonds and #gold as banks come under stress on the back of the bond-price collapse. Bitcoin sustaining above $25,000 is a clear sign of divergent strength”

According to Mike McGlone, Bitcoin hit a 2023 high of about $26,500 on March 14, while the Nasdaq 100 stock index was about 5% below this year’s high of 12,881.