As Bitcoin undergoes a short-term correction, a divided market outlook emerges. Some experts warn that a break below the psychological $100,000 level could trigger a further plunge to $56,000.
On the other hand, on-chain data analysts suggest the current downturn is a healthy adjustment.
McGlone Identifies $100K as Critical Support
Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, recently asserted on a podcast that $100,000 represents a profoundly significant price support for Bitcoin. The collapse of the $100,000 would mark the end of Bitcoin’s six-figure price, a symbol long associated with high volatility.
Bitcoin’s price has fallen by 20% recently. Consequently, this is highly likely to impact market sentiment negatively. McGlone was harshly critical, stating that, aside from $300 billion in stablecoins tracking US Treasury values, there are no assets tracking anything substantial.
He continued, “People are…
