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 <p>Mike McGlone, the Chief Commodity Strategist at Bloomberg, expects Bitcoin (BTC) to continue shedding value in 2023. In fact, he believes that the apex crypto could even hit a low of $10,000. As per McGlone’s estimates, BTC’s liquidity is likely to remain negative during Q4 2023. As a result, this could bear negative price implications. </p> 
 <p>McGlone shared his forecast on X (formerly Twitter) and said that <strong>“Declining Bitcoin has preceded Fed pivots.” </strong></p> 
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    <p lang="en" dir="ltr">Declining Bitcoin Has Preceded #Fed Pivots –<br>The bottom line for #Bitcoin at the start of 4Q may be that liquidity remains negative, with price implications. Coming of age in a zero interest-rate world, the #crypto hangover could be enduring as global rates continue to rise,… pic.twitter.com/Nrn8lMaYzo</p> 
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    </div> — Mike McGlone (@mikemcglone11) October 3, 2023 
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 <p><strong>Also Read: Top 2 Cryptocurrencies To Watch in October 2023</strong></p> 
 <p>Since January 2023, the original crypto has made gains of over 65%. McGlone takes note of this but says, <strong>“It may be a short-covering rally.” </strong>Simply put, a short-covering rally is an increase in short prices. As per Bloomberg, BTC continues to face pivotal resistance around the $30,000 threshold. </p> 
 <h3 class="wp-block-heading" id="h-bitcoin-s-latest-pump-fueled-by-whales">Bitcoin’s latest pump fueled by whales?</h3> 
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  <img decoding="async" width="1024" height="538" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" alt="US Senators Cynthia Lummis and Kirsten Gillibrand Propose Crypto Regulatory Measures" class="wp-image-101010 ewww_webp" sizes="(max-width: 1024px) 100vw, 1024px" data-src-img="https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp" data-src-webp="https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp.webp" data-srcset-webp="https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp.webp 1024w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp.webp 300w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp.webp 768w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp.webp 380w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp.webp 550w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp.webp 800w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp.webp 1160w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp.webp 1200w" data-srcset-img="https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp 1024w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp 300w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp 768w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp 380w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp 550w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp 800w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp 1160w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp 1200w" data-eio="j"> 
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   <img decoding="async" width="1024" height="538" src="https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp" alt="US Senators Cynthia Lummis and Kirsten Gillibrand Propose Crypto Regulatory Measures" class="wp-image-101010" srcset="https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp 1024w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp 300w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp 768w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp 380w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp 550w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp 800w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp 1160w, https://cdn.thebittimes.com/images/2023/10/03/e34d9ed46d42459a491d0ea3c467e3bd.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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    Source: Bitcoin Wisdom 
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 <p>As the market stepped into Q4 2023, BTC made a sudden jump to $28,400, but quickly corrected. According to crypto <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> firm Santiment, just prior to BTC’s 5.48% jump, a significant amount of BTC moved from exchanges to self-custodial wallets. As per the <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> firm, a total of four transfers took place between the range of $187 million and $346 million. </p> 
 <p>The firm also noted that since Sept. 1, the supply of Bitcoin (BTC) on exchanges dropped from 5.99% to 5.73%. The moving of coins from exchanges into wallets is usually considered bullish and points towards the accumulation trend. </p> 
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    <p lang="en" dir="ltr">🐳 Just prior to #Bitcoin popping above $28K for the first time in 6 weeks, there were 4 transactions ranging between $187M and $346M in value. The supply of $BTC on exchanges has dropped from 5.99% to 5.73% since September 1st, a continued good sign. 👍https://t.co/xnUS5r6u2w pic.twitter.com/5vCsksuUDu</p>— Santiment (@santimentfeed) October 2, 2023 
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 <p>However, there have also been some significant transfers to exchanges. According to Whale Alert, an unknown wallet moved $275 million worth of Bitcoin (BTC) into the crypto exchange Kraken. </p> 
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 <p><strong>Also Read: Fidelity: Ethereum Drawing Investment Interest Alongside Bitcoin</strong></p> 
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    <p lang="en" dir="ltr">🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 9,895 #BTC (275,564,475 USD) transferred from unknown wallet to #Krakenhttps://t.co/oNN4qKNXsg</p>— Whale Alert (@whale_alert) October 2, 2023 
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 <p>Furthermore, another wallet transferred 2,891 BTC worth $80.5 million to Coinbase, while another transferred 799 BTC worth $22.6 million to Binance. These inflows into exchanges coincides with BTC falling back within the $27,000 range. At press time, BTC was trading at $27,519.39, down by 2.8% in the last 24 hours. </p> 
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  <li>bitcoin</li> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-bloomberg-strategist-says-btc-could-fall-to-10-000-tbt64961.html">https://thebittimes.com/bitcoin-bloomberg-strategist-says-btc-could-fall-to-10-000-tbt64961.html</a></p>

Bitcoin: Bloomberg Strategist Says BTC Could Fall to $10,000

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