Bloomberg Strategist Believes Bitcoin Risks Falling to $56,000
Bloomberg Intelligence strategist Mike McGlone predicted a Bitcoin price drop to $56,000.
“In my opinion, the chart shows that the leading cryptocurrency's decline to its 48-month moving average is quite common. It's currently hovering around $56,000 after a prolonged bullish rally in 2025,” Mike wrote.
The chart McGlone referenced shows that BTC's price fell to the moving average line over a 48-month period following the end of powerful uptrends in 2017 and 2021. If this pattern plays out again, Bitcoin will indeed fall to around $56,000.
BTC price fluctuations (yellow line is the 48-month moving average)
However, analysts at research firm Glassnode disagree with Mike, calling the recent drop in Bitcoin's price below $100,000 a simple correction. They explain their position by the fact that the relative unrealized losses of BTC holders currently stand at 3.1%, which is significantly below the 5% threshold at which they become significant.
The current correction is similar to the mid-cycle slowdown of the bullish trend observed in the past. Holders of 71% of Bitcoin still boast unrealized profits. However, the systematic selling of BTC by hodlers since July and the outflow of capital from ETFs indicate that retail and institutional investors are losing faith in the continuation of the upward trend, Glassnode analysts concluded.
Source: cryptonews.net
