Analyst says that bitcoin will not fall even more

According to Bloomberg analyst and strategist Mike McGlone, the price of bitcoin (BTC) has reached a critically low level of $ 20,000. The expert drew an analogy with the previous cycle of 2019−2020, when the leading digital asset dropped to $ 5000.

McGlone expressed the opinion that the bitcoin rate will not fall below the previous ATH (all-time-high) levels. However, the expert does not rule out that the current bearish cycle may follow a unique scenario. At the time of writing, bitcoin has risen slightly in price and is trading at $ 21,244 with a market capitalization of $ 404 billion.

Most crypto analysts agree with McGlone and predict the onset of a multi-month crypto winter.

Despite bitcoin’s rapid decline, McGlone recommended that investors invest in a variety of assets, not just gold: «Investors are exposing themselves to unreasonable risk by putting all their eggs in one basket with gold.»