• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: DC Crypto Summit Turns Tense: Senators Confront CEOs Over Alleged Political Allegiances
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: DC Crypto Summit Turns Tense: Senators Confront CEOs Over Alleged Political Allegiances

Bloomberg Analyst Thinks Bitcoin Will “Come Out Ahead” Despite 20% Drop

Nick Chong
by Nick Chong
5 years ago
·
Posted in Bitcoin Price
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
  • Both Bitcoin and gold have corrected from their recent highs as the U.S. dollar has bounced.
  • The two assets are tracking each other once again as they become proxies for exposure to downside in the U.S. dollar.
  • The U.S. dollar’s bounce seems to be related to election trends, a short squeeze, and a slowdown on the monetary stimulus front.
  • Whatever the case, analysts remain bullish on Bitcoin and gold.
  • A Bloomberg senior commodity analyst currently sees both assets pushing higher after their correction.
  • This bullish sentiment is in line with technical analyses indicating BTC has held pivotal support levels.
  • Bitcoin likely remains in a bull market considering these technical and fundamental factors.

Here’s Why Gold and BTC Will “Come Out Ahead” Despite Ongoing Correction

Both Bitcoin and gold corrected as the U.S. dollar has undergone a bounce after a crushing past few months. The two “pseudo-currencies,” as some call these assets, though, may soon bounce.

Mike McGlone of Bloomberg recently shared the below analysis. He thinks that a decline in equity prices will entice governments to pump more liquidity into the economy, forcing gold and Bitcoin ahead:

“#Gold at $1,900, #Bitcoin $10,000 Return to Decisive Support Zone – Some overdue mean reversion in the stock market is pressuring most assets, but we expect gold and Bitcoin to come out ahead in most scenarios. Declining equity prices encourage more monetary and fiscal stimulus.”

Image

Chart of BTC's price action over the past few years with analysis by analyst Mike McGlone of Bloomberg.

The chart McGlone shared also indicates that Bitcoin is testing the pivotal support around $10,000. He points to that level as it held as resistance on multiple occasions over the past year.

This historical relevance suggests that BTC holding above $10,000 moving forward will be crucial for the bull case.

McGlone’s chart also seemingly suggests there is some correlation between the Nasdaq and Bitcoin, which have grown and fallen in tandem over the course of the past 12 months.

Bitcoin Holds Pivotal Macro Support Levels

Corroborating McGlone’s outlook is a number of technical analyses; analysts say that despite the recent drawdown, BTC remains in a good spot on a macro time frame.

As reported by Bitcoinist, one historically accurate trader shared the chart below just recently. It shows that Bitcoin is holding a pivotal moving average that held multiple times during the last bull market:

“BTC testing the 128 DMA – historically often a level of support/resistance on trending price. Also testing HTF support – the LTF doesn’t have me convinced yet. If LTF can show strength I want more longs – until then I’ll sit in spot,” he explained.

Bitcoin

Image Courtesy of Bitcoin Jack. Chart via TradingView.

Other analysts say that the fact Bitcoin has managed to hold the high-$9,000s bodes well for medium-term price action.

Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Bloomberg Analyst Thinks Bitcoin Will "Come Out Ahead" Despite 20% Drop
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Nick Chong

Nick Chong

Follow

I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Full Profile

Related Posts

Cena Bitcoinu po prepade o 20 000 $ opäť rastie. Aká je predikcia do konca roka 2025?

Cena Bitcoinu po prepade o 20 000 $ opäť rastie. Aká je predikcia do konca roka 2025?

1 week ago
Nové bitcoin ATH október 2025

Cena Bitcoinu nad 125 000: BTC dosiahol cez víkend nové historické maximum

2 weeks ago
Bitcoin vyskočil nad 120 000 $. Odštartoval vládny shutdown v USA nové kryptomenové rally?

Bitcoin vyskočil nad 120 000 $. Odštartoval vládny shutdown v USA nové kryptomenové rally?

2 weeks ago
Kryptomeny v červených číslach

Bitcoin a ostatné kryptomeny v červených číslach. Je vhodný čas na nákup?

3 weeks ago
veľryby presúvajú kapitál z BTC na Ethereum

Investori presúvajú svoj kapitál z BTC na Ethereum. Môže z toho ťažiť tento meme coin

1 month ago
Solana ETF fondy

SEC odkladá rozhodnutie o Truth Social, XRP a Solana ETF fondoch na október

2 months ago
Please login to join discussion

Premium Sponsors

Press Releases

  • ORIGIN Protocol's LGNS Achieves Historic Milestone: Liquidity Tops $194 Million, Reclaiming Title as Global Leader in DeFi

    ORIGIN Protocol’s LGNS Achieves Major Milestone...

    21 hours ago
  • bonus kcex

    Bonus KCEX: promozione da $21.000 con un bonus deposito del...

    1 day ago
  • Maxi Doge

    Защо Maxi Doge може да се окаже...

    1 day ago
  • 挖 1 枚比特幣耗電可供 61...

    1 day ago
  • KCEX стартира бонус за търговия от...

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.