Bloomberg’s Mike McGlone predicts that the Bitcoin price could drop further to $70,000, with the Bitcoin-to-gold ratio potentially declining from 28X to 21X in the coming months.
Institutional interest in BTC has waned as traditional safe-haven assets like U.S. Treasury bonds offer higher yields.
The latest decline of Bitcoin (BTC) price has accelerated with market uncertainty, inflation fears, and changing investor sentiment mounting pressure on the dominant crypto. In line with Bloomberg’s senior commodity strategist Mike McGlone, BTC price could drop to $70,000 amidst economic uncertainty and a possible turnabout in the recent surge in the U.S. stock market.
Bitcoin Price Confronts Fresh Fear
The crypto market is in another wave of increased wariness with Bitcoin price failing to pick up speed. Despite positivity around recent government moves, such as a suggested strategic BTC reserve in the United States, investors’ sentiment is still uncertain.
The Bitcoin-to-gold ratio
