Summary
- Mike McGlone diagnosed that Bitcoin is currently at a crossroads of "die or live."
- He said the BTC 200-day moving average is around $110,000, and Bitcoin is staying below it.
- He emphasized that recovering to $110,000 is essential for a sustainable uptrend and a bullish reversal.
Mike McGlone, a senior macro strategist at Bloomberg Intelligence, said Bitcoin (BTC) is currently "at a crossroads of die or live."
On the 10th (local time), according to crypto asset (cryptocurrency) media CryptoBasic, he said, "Based on the BTC monthly chart, the 200-day moving average is around $110,000, and Bitcoin is currently staying below it," adding, "For a sustainable uptrend, it must recover to $110,000."
McGlone emphasized that a technical rebound is important for Bitcoin to continue a long-term uptrend, and whether it recovers to $110,000 is the key variable for a bullish reversal.
JH Kim
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