Mike McGlone’s interview was rife with insights into the cryptocurrency market, but one statement stood out: his belief that Bitcoin could plunge to a low of $8,000 in the current bear market.
Instead, he pointed out that macroeconomic elements, particularly the Federal Reserve’s ongoing tightening policies, continue to have a pronounced effect on Bitcoin’s price.
McGlone, however, expressed skepticism regarding this sentiment. In his view, while a spot ETF approval may sway market sentiment, it might not substantially impact Bitcoin’s price trajectory. McGlone suggested that the earliest spot ETF might not see daylight until next year.
McGlone maintained confidence in Bitcoin’s long-term bullish prospects despite these short-term projections. He reaffirmed his vision of the crypto giant eventually reaching a value of $200,000.
Meanwhile, following the announcement of Grayscale’s legal victory against the US Securities Exchange and Commission (SEC), Bitcoin has retraced noticeably from its Tuesday peak of $27,974, dropping to $26,885 at the time of writing.
Featured image from Unsplash, Chart from TradingView
