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 <h2 id="strong-bitcoin-btc-risk-as-spotted-by-expert-strong"><strong>Bitcoin (BTC) Risk as Spotted by Expert</strong></h2> 
 <p><span style="font-weight: 400">Commenting</span><span style="font-weight: 400"> on real risk impacting the performance of <a rel="dofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a>, Bloomberg Intelligence Senior Macro Strategist, Mike McGlone said the ‘It Went Up, So Will Keep Going Up’ risks in <a rel="dofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> might be placing the premier coin under undue pressure.</span></p>  
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 <p><span style="font-weight: 400">Since the asset went mainstream, the Strategist noted that there have been “lessons of high-performing, widely hyped assets show price reversion may be the greater risk” for the cryptocurrency now that many members of the public are jumping on board.</span></p> 
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  <p lang="en" dir="ltr">'It Went Up, So Will Keep Going Up' Risks in <a rel="dofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> –<br>The lessons of high-performing, widely hyped assets show price reversion may be the greater risk once the masses jump on board. #<a rel="dofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> at about $26,000 on Aug. 28 is slightly below the end of 2020, similar to… pic.twitter.com/3UdAbpLNLe</p> 
  <p>— Mike McGlone (@mikemcglone11) August 28, 2023</p>  
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 <p></p> 
 <p><span style="font-weight: 400">The <a rel="dofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> asset has been the delight of many investors which cuts across both institutional and retail buyers. The hype about digital currency was intensified when <a rel="dofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> tested its All-Time High (ATH) above $69,000 back in November 2021. Since the asset enticed new investors, its performance has waned but with growing expectations, leaving many assets trusting </span><span style="font-weight: 400">another bull market</span><span style="font-weight: 400"> to run to new highs.</span></p> 
 <p><span style="font-weight: 400">McGlone likened <a rel="dofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a>’s performance implications to the top e-commerce stock, Amazon which recorded a largely sparing growth of about 25 years to print a 130x performance. According to McGlone, if the consolidation in the price of <a rel="dofollow" title="Bitcoin" href="https://thebittimes.com/tag/bitcoin.html">Bitcoin</a> is sustained, the coin will still maintain its performance rating.</span></p>  
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 <p><span style="font-weight: 400">The Strategist also noted that Bitcoin will still maintain its profitability if the price slips to $10,000 in the near term.</span></p> 
 <h2 id="strong-the-bitcoin-growth-strategy-strong"><strong>The Bitcoin Growth Strategy</strong></h2> 
 <p><span style="font-weight: 400">Bitcoin is tagged as the most decentralized cryptocurrency without a centralized entity governing the direction of its growth. However, the future push for the premier asset is hinged on some products wrapped around it including spot Exchange Traded Fund (ETF) products that many are envisaging will be approved by the US Securities and Exchange Commission (SEC).</span></p> 
 <p><span style="font-weight: 400">Though the likes of BlackRock and Fidelity Investments are </span><span style="font-weight: 400">in the race</span><span style="font-weight: 400"> to get their own spot BTC ETF approved, the SEC has a boatload of applications underway already. Should this product be approved, experts are projecting that it might go a long way toward rebooting the price of the digital currency.</span></p> 
 <p><span style="font-weight: 400">In all, the odds of a <a rel="dofollow" title="Bitcoin ETF" href="https://thebittimes.com/tag/bitcoin-etf.html">Bitcoin ETF</a> approval are low </span><span style="font-weight: 400">according</span><span style="font-weight: 400"> to top industry experts.</span></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/bloomberg-strategist-reveals-real-risk-for-bitcoin-btc-tbt60698.html">https://thebittimes.com/bloomberg-strategist-reveals-real-risk-for-bitcoin-btc-tbt60698.html</a></p>

Bloomberg Strategist Reveals Real Risk for Bitcoin (BTC)

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