'Don't Want To Be Overweight Here,' Warns Bloomberg's McGlone As Bitcoin ETF Verdict Nears
Portfolio Pulse from Mehab Qureshi
Bloomberg Intelligence's Mike McGlone cautions investors about Bitcoin's recent rally, suggesting a potential peak and upcoming correction. He relates the current market situation to past highs and points to the SEC's decision on a spot Bitcoin ETF as a pivotal moment. McGlone advises against becoming 'overweight' in Bitcoin at this time. Bitcoin was trading at $46,703.35, up 7% on Tuesday.
January 09, 2024 | 11:56 am
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Mike McGlone of Bloomberg Intelligence warns that Bitcoin may be nearing a peak and could face a correction, especially with the SEC's decision on a spot Bitcoin ETF looming.
McGlone's comments suggest a bearish outlook for Bitcoin in the short term, especially if the SEC's decision on the spot Bitcoin ETF is unfavorable. His warning could lead to increased selling pressure as investors may look to reduce their positions in anticipation of a potential drop.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100