Is Bitcoin Price In A Bull Trap? Bloomberg Sr. Strategist Predicts What’s Next

Bitcoin Price News: The back to back horrific collapse of crypto friendly U.S. banks jolted the digital asset industry over the last week. The crypto market is back on track as Bitcoin (BTC) surges to trade near to $28K price level. However, a Bloomberg Senior Strategist stated that Bitcoin price is showing strength while the traditional market is printing red indexes.

Bitcoin To Trade Like Treasury Long Bond?

Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence mentioned that amid the banking crisis, Bitcoin may be progressing to trade more like U.S. Treasury long bonds and gold. This might happen as banks may face stress on the back of the bond price collapse.

Bitcoin (BTC) price has managed to decouple from the global traditional market as it registered a surge of a massive 36% over the past 7 days.

Senior Strategist in a Tweet highlighted that Bitcoin sustaining above the $25K resistance level provides a clear sign of divergent strength. BTC is trading at an average price of $27,513, at the press time.

Being optimistic, he stated that his long term view for crypto is bullish. Recovering gold rates and treasury bonds can be the companion in Bitcoin amid the near headwinds of declining risk assets ahead of a standing recession.

Bitcoin price To Reach $1 Million In Next 90 Days? Also Read

As per Mike McGlone, Bitcoin extended its 2023 high to about $26,500 on March 14 while Nasdaq 100 stock index remains about 5% below this year’s high of 12,881.

Michaël van de Poppe, CEO Of Eight Global and crypto analyst predicts that Bitcoin seems to likely achieve the $28.5-29K price level this weekend. He added that BTC managed to stay above the $26k and moved ahead. However, it will be interesting to see how BTC price reacts above the $28K price level.

Also Read: XRP Lawyer Bets On Bitcoin As Bank Contagion Spreads

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]