Mike McGlone Says Bitcoin Break Below $80,000 Could Trigger Year-End Selling Cascade
JH Kim
Summary
- Mike McGlone said Bitcoin could face a selling cascade through year-end if it falls below $80,000.
- Bitcoin was already trading below $80,000, falling about 6% to as low as $75,600.
- McGlone said a break below Bitcoin's key price level could lead to additional selling pressure through year-end.
Bitcoin could face a cascade of selling through the end of the year if it drops below $80,000.
Cointelegraph reported on November 6 that Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said a move below $80,000 could trigger additional selling in Bitcoin.
Bitcoin is already trading under $80,000. Based on the cited price data, it fell about 6% to as low as $75,600.
McGlone's view is that a break below a key Bitcoin price level could lead to additional selling pressure through year-end.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.