Bitcoin Facing Potential Price Drop as McGlone Highlights 200-Week MA Trend

Bloomberg Intelligence strategist Mike McGlone has raised concerns about Bitcoin’s potential price decline, highlighting a shift towards its 200-week moving average (MA). This trend coincides with the stock market’s downward trajectory and suggests a possible downturn in Bitcoin prices. 📚 McGlone emphasizes this movement is likely driven by the increased volatility seen in both Bitcoin and the S&P 500 Index, prompting speculation about maturation implications for Bitcoin as it mirrors its correlation to the broader market.