The increasing selling pressure and declining investor confidence in the cryptocurrency market in recent weeks has been reflected in the comments of prominent analysts. Bloomberg senior analyst Mike McGlone issued a stark warning in his assessment of Bitcoin’s current position.
Analyst and fund manager James Rabish summed up the market mood as follows:
Sentiment towards Bitcoin appears to be at an all-time low. Long-term investors sold over 400,000 BTC last month alone. Despite this, the price is still over 1 million yen.
However, McGlone responded that this level may not be sustainable for long. According to Bloomberg analysts, Bitcoin is losing an important technological level.
“In my opinion, Bitcoin won’t stay above $100,000 for long. Bitcoin opened below the 200-day moving average in the US morning hours of Monday, November 3rd. This level is now a strong resistance near $110,000. Bitcoin could wake up below $100,000 on Monday, November 10th.”
McGlone emphasized not just Bitcoin, but the entire cryptocurrency market. He noted that the strategy has collapsed, with the Bloomberg Galaxy Crypto Index down 1% through 2025, while the S&P 500 index is up nearly 16%.
*This is not investment advice.
