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Bloomberg Strategist Predicts the Bitcoin Floor Price to $10,000

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In an interview released on Wednesday (23 November 2022), Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence (Bloomberg’s research arm on the Bloomberg Terminal”), predicted how low the Bitcoin price could go in the short to medium term.

“Initially, when the market broke down that was my indication it’s going to continue to break down because volatility is almost always a great indicator, particularly when you reach an all-time low. When markets breakout from a consolidating range with a good reason, it means it’s going down a lot lower. So that’s why I put out initially that Bitcoin might not reach a plateau until the $10,000-$12,000 area.”

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