Bitcoin fit for $100K ceiling as e too much money dem put on am and gold dey perform pass am, wey dey make market cautious, Bloomberg's McGlone warn.
Mike McGlone wey be from Bloomberg Intelligence don warn say Bitcoin fit no do well pass gold reach 2025 and e fit hard am to pass $100,000 resistance, wey fit be like di highest price wey BTC go reach for long time. McGlone tok say too much gambling for crypto market don reach em peak, and too much crypto dey make Bitcoin value go down, wey dey push di price down more. E tok say Bitcoin recently reach value wey be 33 times gold value, wey fit mean say e don too expensive – especially if U.S. stock market go down. Gold strong performance and di way pipu dey rush go safe assets for di world dey show say investors don dey fear to take risk. McGlone say gold fit reach $4,000 per ounce while Bitcoin fit drop to $40,000, wey go make di difference for value small. But, other analysts, like dem from JPMorgan and Tom Lee from Fundstrat, get better hope and believe say Bitcoin still fit do better pass gold for late 2024. Crypto traders go need to dey watch market mood, big economic signs, and how dem dey share assets as demand for safe haven dey strong and money wey dem dey use gamble dey reduce.
Bearish
Wetin dey happen for market show say Bitcoin fit fall, as Bloomberg's Mike McGlone point out plenty bad things: e don too get value, crypto market don full, people don too gamble, and gold dey do beta as safe place to keep money. Him talk say BTC fit drop well well, e fit reach $40,000, while gold fit still dey climb. This one mean say people no wan take risk again, dem dey carry money go less risky assets because market no clear. Even if some experts dey feel say Bitcoin go do well by ending of year, the main tori for both articles—wey McGlone's careful talk and market trends confirm—dey show say Bitcoin price go face serious pressure for short to medium term, especially if people continue to no wan take risk.