Bitcoin Hits a Wall: Experts Predict Correction to $56,000

Bloomberg’s Mike McGlone warns that Bitcoin’s recent surge above $100,000 may not be sustainable, suggesting it could soon retrace back towards the $56,000 level. This prediction stems from his observation of Bitcoin’s historical tendency to revert back to its 48-month moving average after extended rallies. According to McGlone, this cyclical pattern suggests a potential correction is in store for cryptocurrencies.