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Mike McGlone, a Senior Commodity analyst at Bloomberg Intelligence, commented on the recent volatility in the latest Bitcoin news. McGlone said the $100,000 Bitcoin milestone may be the peak of the current crypto market bull cycle.
This signals a shift from rapid growth seen earlier this year to decline. However, a Bitcoin maximalist claims the volatility is a victory for the crypto market.
Bitcoin News: Is the $100,000 Move a Trap?
McGlone does not view Bitcoin’s rally to $100,000 as a launchpad for further gains. Instead, he believes the $100,000 milestone is a psychological and structural top, signaling a sell-off for the entire crypto market.
According to Bitcoin news, the Bloomberg analyst emphasized that BTC first hit $100,000 in the fourth quarter (Q4) of 2024, amid post-U.S. election optimism.
However, instead of breaking out to over $150,000 as predicted by analysts, BTC reached an all-time high (ATH) of $ 69,044 on November 10. Shortly after, Bitcoin began a downtrend, plunging to the current levels around $110,000.
McGlone said the $100,000 level is an inflection point, meaning the Bitcoin momentum flipped from bullish to bearish. The altcoin market also felt the heat, as seen in its plummeting prices.
The fact that altcoins crashed harder than the leading market recovery makes the analyst believe that $100,000 was the final top for BTC.
According to McGlone, high-risk beta gives 2.5 times the pain for the same gains. Overall, he thinks the bull party is over for BTC and expects cascading sell-offs in the broader market.
Bitcoin Profits from Market Volatility
To complement the Bitcoin news, BTC maximalist Nic Carter also talked about recent market volatility.
Carter argued that the wild volatility of the past stemmed from uncertainty in the entire crypto ecosystem. He claimed the market has become less chaotic and speculative as those uncertainties get resolved.
Carter explained that crypto traded like a binary bet on survival in the past, and not just by adoption. According to him, there were so many open questions, such as whether stablecoins would be allowed or banned.
He said these uncertainties drove so much of the historical volatility. Carter also highlighted some unanswered questions, particularly around cash-flowing pseudoequity tokens, which he thinks will get answers in the coming years.
The Bitcoin maximalist emphasized that the crypto market did not fail, but graduated, rewarding builders and users, not just believers and gamblers.
To Carter, the crypto market suffered volatility in the past to live in the future. Now that the future is here, with strong acceptance from institutions, Carter claims the market has become boringly profitable.
Current State of the BTC Market
The total crypto market cap decreased by approximately 3.97% to $3.63 trillion in today’s morning trade. As a result, the Bitcoin price fell by roughly 3.5% to $109,373.
The Market Periodical team highlighted several factors that contributed to the bearish sentiments.
Some of the factors pointed out include reversal in liquidity flows, change of tone from the Federal Reserve (Fed), and weak technical signals.
As of this writing, Bitcoin news highlights signs of improvement. Currently, BTC has surged by 2.6% over the past 24 hours to $110,465. However, the daily trading volume declined by 14.9% to $64.38 billion, implying reduced investor interest.
Nevertheless, optimism remains for future rallies. Notably, Bitcoin has recorded over $300 billion in spot trading volume across major exchanges in October.
The strong spot interest is a bullish development, as it signals a reduction in volatility, with leverage trades decreasing.
