{"id":399367,"date":"2022-01-26T12:06:07","date_gmt":"2022-01-26T09:06:07","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-pundits-split-over-btc-floor-as-bloomberg-analyst-eyes-bounce\/"},"modified":"2022-01-26T12:06:07","modified_gmt":"2022-01-26T09:06:07","slug":"bitcoin-pundits-split-over-btc-floor-as-bloomberg-analyst-eyes-bounce","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-pundits-split-over-btc-floor-as-bloomberg-analyst-eyes-bounce\/","title":{"rendered":"# Bitcoin pundits split over BTC floor as Bloomberg analyst eyes bounce"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2f19eb50ac6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2f19eb50ac6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-pundits-split-over-btc-floor-as-bloomberg-analyst-eyes-bounce\/#McGlone_Bitcoin_%E2%80%9Ca_bit_extended%E2%80%9D_at_all-time_highs\" >McGlone: Bitcoin \u201ca bit extended\u201d at all-time highs<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-pundits-split-over-btc-floor-as-bloomberg-analyst-eyes-bounce\/#Nervousness_on_negative_funding_rates\" >Nervousness on negative funding rates<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin pundits split over BTC floor as Bloomberg analyst eyes bounce <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) could still fall under $30,000, but some prominent sources are already calling the end of the latest bearish turn on BTC\/USD.<\/p>\n<p>In a tweet on Jan. 25, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mikemcglone11\/status\/1485980979776917505\">eyed<\/a> Bitcoin\u2019s position relative to its 20-week moving average, noting that historically, current levels have marked a turning point.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"McGlone_Bitcoin_%E2%80%9Ca_bit_extended%E2%80%9D_at_all-time_highs\"><\/span>McGlone: Bitcoin \u201ca bit extended\u201d at all-time highs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Still hopeful for Bitcoin to weather a macro storm this year, McGlone\u2019s data places BTC\/USD at the same position in which it halted downtrends in March 2020 and July 2021.<\/p>\n<p>Those incidences correspond to the coronavirus cross-march crash and the China miner rout, respectively.<\/p>\n<p>\u201cThe fact that Bitcoin is an up-and-coming asset, with less than $1 trillion market cap vs. about $100 trillion of global equities, that got a bit extended may give the crypto an advantage,\u201d he commented.<\/p>\n<blockquote><p>\u201cOur graphic depicts a bottoming indicator for Bitcoin \u2014 about 30% below its 20-week avg.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/5cfe95c2-76f4-41ae-8c17-e30857495ee9.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin 20-week moving average ratio vs. BTC\/USD chart. Source: Mike McGlone\/<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>As Cointelegraph recently reported, Bitcoin has been echoing the events of March 2020 and onward in more ways than one this month.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Nervousness_on_negative_funding_rates\"><\/span>Nervousness on negative funding rates<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Nonetheless, other sources continued to call for caution when it comes to calling time on spot price losses.<\/p>\n<p><strong><em>Related:\u00a0\u2018Stop panic selling\u2019 \u2014 Bitcoin whales bag spare BTC as exchange balances fall<\/em><\/strong><\/p>\n<p>Among them was popular Twitter analyst Material Scientist, creator of analytics platform Material Indicators.<\/p>\n<p>This week, he took aim at <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/funding\/BTC\">funding rates<\/a>, which, although negative, do not necessarily mean that Bitcoin will dupe bears with an upward squeeze.<\/p>\n<p>\u201cI keep seeing people argue about negative funding necessitating us bottoming,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Mtrl_Scientist\/status\/1485996762229886986\">argued<\/a>. <\/p>\n<blockquote><p>\u201cHalf of CT used that logic to argue 40k was the bottom. It wasn\u2019t. This chart shows the count of negative funding pairs over time, alongside with the BTC chart at the top.\u201d<\/p><\/blockquote>\n<p>An accompanying chart showed instances in which negative funding across crypto did indeed come before further downside in 2021.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/02f37b0f-8bed-43c2-a57b-eb0fd9a479d5.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin negative funding rate count vs. BTC\/USD chart. Source: Material Scientist\/Twitter<\/em><\/figcaption><\/figure>\n<p>\u201cNo one knows when the bottom is for BTC. Sometimes it\u2019s as simple as assessing the asymmetry of potential downside\/upside,\u201d fellow trader and analyst William Clemente <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1486131675998441480\">added<\/a> in a fresh update on the day, recommending investors employ dollar-cost averaging (DCA) to enter the market in the current range.<\/p>\n<blockquote><p>\u201cAs I said yesterday, don\u2019t think asymmetry is to downside with BTC in low 30s. Potential downside 20Ks, upside 60k+. DCAing into these levels is wise IMO.\u201d<\/p><\/blockquote>\n<p>BTC\/USD traded at around $37,000 at the time of writing, having held onto gains from the start of the week.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-pundits-split-over-btc-floor-as-bloomberg-analyst-eyes-bounce\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin pundits split over BTC floor as Bloomberg analyst eyes bounce &#8221; Bitcoin (BTC) could still fall under $30,000, but some prominent sources are already calling the end of the latest bearish turn on BTC\/USD. In a tweet on Jan. 25, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, eyed Bitcoin\u2019s position relative to&#8230;<\/p>\n","protected":false},"author":1,"featured_media":399368,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvNDI3NDg5YjYtNDMwNy00MzcxLWJkMjMtMzJjZDdlOTY5Yjg1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-399367","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/399367","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=399367"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/399367\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/399368"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=399367"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=399367"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=399367"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}