According to Bloomberg Intelligence strategist Mike McGlone, Bitcoin’s value may continue to face downward pressure until the end of 2023.
McGlone predicts that the digital currency could experience a significant drop in value if other central banks adopt similarly strict monetary policies as the US Federal Reserve.
He believes that BTC may find support around $25,000, and while it has suffered losses, it still has performed well compared to other assets.
McGlone drew a comparison between Bitcoin, Treasury bonds, and gold, noting that all three have seen growth this year and any potential pullback would most likely be corrective in nature.
However, he also speculates that BTC is unlikely to drop below $25,000 as most investors are not interested in such a major decline.