Key Insights:
- Mike McGlone repeats his $10,000 Bitcoin USD forecast, citing commodity-like pullbacks.
- US CPI data sparks debate as analysts warn of possible post-report declines.
- Technical signals show strong buying, with resistance near $114,153.
Bloomberg Intelligence Strategist Mike McGlone is holding to his $10,000 Bitcoin USD price forecast.
Taking to the X platform, he argued that BTC USD behaves like a commodity that often corrects after sharp rallies.
His view comes as CPI data adds volatility, and other analysts point to signals of further bullish momentum.
McGlone Maintains His Bearish Bitcoin USD Outlook
Bloomberg Intelligence strategist Mike McGlone has not changed his stance on Bitcoin USD.
He still believes that BTC could fall toward $10,000. McGlone compared Bitcoin to commodities, which often retreat after strong gains.
According to the update, he pointed out that this pattern could also apply to the digital asset.
McGlone explained that Bitcoin was once seen mainly as digital gold, with a limited supply of 21 million coins.
That scarcity was expected to drive prices higher. However, he noted that the market is now very different.
Coin listings have grown sharply, with more than 21 million tokens available on CoinMarketCap. This shift, in his view, reduces Bitcoin’s earlier advantage.
His outlook comes at a time when Bitcoin’s recent price movement has drawn attention.
Analyst Maartunn reported on social media that $540 million in taker buy volume appeared in a single minute.
He also noted that a net buy surge of $500 million pushed Bitcoin’s biggest hourly candle in months. These signs suggest strong demand.
Still, McGlone argues that such rallies often end with steep corrections. He warns that Bitcoin’s moves resemble those of oil, copper, and other assets that face pullbacks after sudden rises.
For this reason, he has chosen to hold onto his forecast of a possible Bitcoin USD drop to $10,000.
US CPI Data Adds Uncertainty to Bitcoin Moves
Other analysts have been watching the role of Consumer Price Index (CPI) data in Bitcoin’s performance.
Ted, another market observer, noted that Bitcoin has moved in the same way during the last three CPI reports.
Each time, Bitcoin USD rose ahead of the data release and then fell right after. He suggests that this pattern could repeat.
With Bitcoin already rallying before the latest CPI release, his warning that a decline might follow has actually come true. However, BTC price has recovered from its losses and traded in the green while writing.
This view has raised concerns that inflation news still weighs heavily on crypto markets.
Notably, the link between inflation figures and Bitcoin price is now clearer. Investors tend to react to the data by adjusting their risk exposure.
A stronger CPI reading often pressures assets like Bitcoin USD, while softer data can encourage buying.
This connection strengthens McGlone’s case. However, BTC USD rises after the US CPI results, despite a spike in the inflationary pressures.
At the same time, traders who believe in the asset’s long-term growth are watching to see if the current rally can continue despite the macro pressures.
Bullish Forecasts Counter the BTC USD Bearish Case
While McGlone continues to hold to his $10,000 view, others see the market differently.
For example, some market participants believe the BTC price could hit $200,000 by December. In addition, technical signals show room for more gains.
According to charts on TradingView, Bitcoin USD Moving Average Convergence Divergence (MACD) line has crossed above the signal line.
This suggests positive momentum. The Chaikin Money Flow (CMF) indicator also points upward.
At 0.19, it shows strong buying pressure and possible accumulation. On the four-hour chart, Bitcoin could face resistance near $115,000.
If it breaks this level, the BTC USD price may soar past its recent high at $116k. As of writing, CoinMarketCap data shows that it was trading at $115,004.
Analysts warn of risks as well. A reversal could take Bitcoin back to $114,133 support, and further selling might drag it lower to around $113,700.
The Relative Strength Index (RSI) reading of 63.34 shows that Bitcoin USD is in bullish territory but has not yet reached the overbought zone.
These signals highlight the divide among analysts. McGlone’s call for a sharp correction contrasts with those pointing to sustained bullish pressure.
Both sides agree that Bitcoin USD’s next direction depends on whether the current buying momentum holds or whether market patterns lead to another downturn.