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Bitcoin's Historical Patterns of Boom and Bust and the Risk of Reversion: Bloomberg Strategist

Bitcoin's historical patterns of boom and bust are closely tied to liquidity, according to Mike McGlone, a senior commodity strategist at Bloomberg. McGlone warns that Bitcoin's current price level of around $27,000 may be at risk of reversion, considering that it was only $7,000 at the end of 2019 before the massive liquidity pump in 2020.

He also notes that slumping copper and cryptocurrencies, including Bitcoin, are paying heed to the warning, which contrasts notably with the resilient stock market.

Meanwhile, crypto analyst Michael Van de Poppe suggests that Bitcoin's recent price action could technically be complete for BTC, with the ABC pattern potentially signaling consolidation and potential for upside.

Bitcoin Bitcoin $89,741.18
-1.96%
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