{"id":225931,"date":"2024-01-09T00:46:17","date_gmt":"2024-01-08T19:16:17","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=225931"},"modified":"2024-01-09T00:46:17","modified_gmt":"2024-01-08T19:16:17","slug":"bloomberg-analyst-mike-mcglone-issues-bitcoin-warning-says-etf-hype-feels-like-previous-price-tops-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bloomberg-analyst-mike-mcglone-issues-bitcoin-warning-says-etf-hype-feels-like-previous-price-tops-crypto-news\/","title":{"rendered":"Bloomberg Analyst Mike McGlone Issues Bitcoin Warning, Says ETF Hype Feels Like Previous Price Tops &#8211; Crypto News"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Bloomberg Intelligence\u2019s senior macro strategist Mike McGlone is warning that Bitcoin (<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/currencies\/bitcoin\/\">BTC<\/a>) is topping out and about to undergo a market correction.<\/p>\n<p>In a new discussion with crypto influencer Scott Melker, McGlone <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.youtube.com\/watch?v=ICstbNGQVwg\">predicts<\/a> that Bitcoin will start to decline after a months-long rally leading up to the possible approval of a spot Bitcoin exchange-traded fund (ETF).<\/p>\n<p><em>\u201cThere\u2019s almost always one simple prerequisite for things to break. Why did Lehman break? Why did FTX break? Risk assets have to go down. That\u2019s what\u2019s missing. And Bitcoin is one of the riskiest assets\u2026 <\/em><\/p>\n<p><em>We\u2019ve had the hopium. We\u2019ve rallied 50% from $30,000. We\u2019ve rallied 3x from last year\u2026<\/em><\/p>\n<p><em> I look at it like, Okay, great. Thank you. You don\u2019t want to be getting overweight here. You want to be saying thank you.\u201d <\/em><\/p>\n<p>McGlone believes that Bitcoin\u2019s current price action is similar to other previous market tops, and will soon have a trend reversal triggered by whatever decision the U.S. Securities and Exchange Commission (SEC) makes this week on the spot market BTC ETF applications.<\/p>\n<p><em>\u201cThis is the week. If they rug pull that\u2019s bad. If they launch, well, lessons have been those haven\u2019t been good. And is there a lot of hype and bullishness? Yeah, just as much as I\u2019ve seen it other peaks.\u201d<\/em><\/p>\n<p>Bitcoin is trading for $45,205 at time of writing, up 2.5% in the last 24 hours.<\/p>\n<p><iframe loading=\"lazy\" title=\"Bitcoin Pump Then Dump | 95% Chance Of ETF Approval Then 40% Correction | Macro Monday\" width=\"740\" height=\"416\" src=\"https:\/\/www.youtube.com\/embed\/ICstbNGQVwg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe><\/p>\n<p><span style=\"color: #ffffff\">I<\/span><\/p>\n<div><em><span style=\"font-size: 13pt\">Don&#8217;t Miss a Beat \u2013 <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/join-the-daily-hodl-email-list\/\">Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em><br \/>\n<br \/>\n<em><span style=\"font-size: 13pt\">Check <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/crypto-markets\/\">Price Action<\/a><\/span><\/em><br \/>\n<br \/>\n<em><span style=\"font-size: 13pt\">Follow us on <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TheDailyHodl\">Twitter<\/a>, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.facebook.com\/thedailyhodl\/\">Facebook<\/a> and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.me\/thedailyhodl\">Telegram<\/a><\/span><\/em><br \/>\n<br \/>\n<em><span style=\"font-size: 13pt\">Surf <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/dailyhodl.com\/daily-hodl-mix\">The Daily Hodl Mix<\/a><\/span><\/em><br \/>\n<\/p>\n<div class=\"hideinamp\">\n<p><a rel=\"nofollow noopener\" target=\"_blank\" class=\"maxbutton-4 maxbutton maxbutton-check-out-the-latest-headlines-bigger\" href=\"https:\/\/dailyhodl.com\/news\/\"><span class=\"mb-text\">Check Latest News Headlines<\/span><\/a><\/p>\n<p>&amp;nbsp<\/p>\n<h6>Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.<\/h6>\n<\/div>\n<\/div>\n<p><span style=\"font-size: 10pt\"><em>Featured Image: Shutterstock\/WhiteBarbie\/fotokop<\/em><\/span><\/p>\n<p><span style=\"color: #ffffff\">I<\/span><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg Intelligence\u2019s senior macro strategist Mike McGlone is warning that Bitcoin (BTC) is topping out and about to undergo a market correction. In a new discussion with crypto influencer Scott Melker, McGlone predicts that Bitcoin will start to decline after a months-long rally leading up to the possible approval of a spot Bitcoin exchange-traded fund [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":225932,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-225931","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/225931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=225931"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/225931\/revisions"}],"predecessor-version":[{"id":225934,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/225931\/revisions\/225934"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/225932"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=225931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=225931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=225931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}