Bitcoin has lost around 62% of its value since 2021’s all-time high of $69,000, being exchanged for as low as $25,900 by press time, as BTC struggles to recover its demand in a moment of uncertainty for the crypto market, as well as for the macroeconomy.
If Mike McGlone’s analysis is accurate, the leading cryptocurrency could be nearing a major drop that would surprise the vast majority of investors, like what happened in 1930.
Most Bitcoin analysts are expecting BTC’s price to start increasing soon, ahead of the block subsidy halving, which is set to happen in April 2024.
Many Bitcoin miners are already running their businesses ‘underwater’, as their current rewards are not enough to cover the costs for the activity that is responsible for securing the network and distributing new coins.
All things considered, the digital commodity’s ability to meet the above analyst’s expectations will depend on further developments related to Bitcoin, as well as the general sentiment on the wider crypto and macroeconomic landscape.
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