Mike McGlone, senior commodity strategist at Bloomberg, has predicted that the price of Bitcoin might potentially plunge to $70,000
Meanwhile, the Bitcoin market has succumbed to “extreme fear” once again despite the excitement surrounding the creation of a strategic Bitcoin reserve in the U.S
The widely tracked Bitcoin to gold ratio, which measures how many ounces of the yellow metal are required to purchase a single coin, is currently sitting at 28X. However, McGlone expects Bitcoin to keep underperforming this year, with the ratio potentially dropping to as low as 21X.
“My bias is leaning that way, especially if the US stock market reverses some of last year’s almost $12 trillion advance,” McGlone said
Earlier today, Bitcoin plunged to an intraday low of $80,123, according to CoinGecko data.
Meanwhile, anti-crypto financial commentator Peter Schiff has opined that the correction was overdue, predicting that it will continue for the rest of the decade
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