Bloomberg’s Senior Market Planner Observes That Bitcoin Might Remain Bearish
Mike McGlone was recently interviewed by CNBC’s crypto dealer. Mike currently heads the market survey segment.
The department has an obligation to develop better market penetration strategies for the entity. Additionally, he is investigating why bitcoin is experiencing a bullish trend. McGlone suggests that the present bitcoin volumes show that the bear market might continue for a longer duration. Most traders are likely to sell their securities when the prices are high and buy them later when their values have dropped. Therefore, the market will be characterized by a lot of speculations among traders.
The Drop In The Prices Of Bitcoin And Other Cryptocurrencies Disappoint Investors
Most investors anticipate a price increase of the cryptocurrencies and Bitcoins. However, they are usually disappointed to see a downward trend in the prices of these assets. The low prices discourage them from investing in this market because of the fear of making losses.
The current market trends indicate that these prices might even decline further unless something predictable occurs.
Analysts predict that there are factors that might influence the increase of the price of Bitcoin soon. One of them is the authorization of Bitcoin EFT by the SEC. The second reason is the introduction of Bakkt by the holding company of New York Stock Exchange. NeuNer says that the introduction of Bakkt and other market developments might result in a Bitcoin EFT. Galaxy’s investment CEO believes that the introduction of Bakkt Bitcoin EFT is unavoidable.