Bloomberg’s senior commodity strategist, Mike McGlone, has suggested that Bitcoin’s price could fall to as low as $70,000.
Currently, the Bitcoin-to-gold ratio, which shows how many ounces of gold it takes to buy one Bitcoin, stands at 28X. McGlone anticipates a decline in Bitcoin’s performance this year, with the ratio possibly dropping to 21X.
He pointed out that such a move could happen, especially if the U.S. stock market corrects some of its significant gains from the previous year, which totaled nearly $12 trillion.
Despite the U.S. government’s push to establish a Bitcoin reserve, the market is once again gripped by “extreme fear.”
Meanwhile, Peter Schiff, a vocal crypto critic, believes the ongoing market correction is long overdue and forecasts that this trend may persist for years. He described it as a long-term shift that could span the rest of the decade.
In related news, a whale who shorted Bitcoin during its recent price drops has seen a substantial profit. According to Lookonchain, the whale shorted Bitcoin at $96,500 in February and set their profit-taking orders between the $70,000-$74,000 range. As a result, they stand to gain over $7.5 million in unrealized profits.
