Bitcoin: Bloomberg Predicts $56K Low, Glassnode Optimistic
Bitcoin entered a downtrend after peaking above $126,000 in early October. A major crash on October 11 extended the correction into November. Bloomberg Intelligence senior analyst Mike McGlone warns that historical patterns often see Bitcoin return to its 48-month moving average after rallies. If repeated, BTC could fall to $56,000. In contrast, on-chain analytics firm Glassnode highlights the Relative Unrealized Loss metric at just 3.1%, well below the 5% stress threshold. This suggests the current pullback is a healthy consolidation rather than panic selling. Traders should monitor unrealized losses and moving average support for signs of market stability. While Bloomberg’s forecast underscores bearish risks, Glassnode’s data points to moderate stress. As Bitcoin weathers this correction, market participants can weigh both technical and on-chain indicators to inform their price forecasts and risk management strategies.
Neutral
Bloomberg’s forecast of a drop to $56,000 introduces bearish sentiment by citing historical retreats to the 48-month moving average. However, Glassnode’s Relative Unrealized Loss at 3.1% signals only moderate stress, mirroring healthy consolidations seen in Q3-Q4 2024 and Q2 2025 without deep downturns. In the short term, traders may face volatility as support levels are tested. Over the long term, low unrealized losses suggest sustained investor confidence and potential for recovery. The opposing viewpoints balance out, yielding a neutral overall stance. Monitoring moving average support and unrealized loss thresholds will help traders navigate price swings and manage risk.