Bitcoin pundits split over BTC floor as Bloomberg analyst eyes bounce

cointelegraph.com:

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's position relative to its 20-week moving average, noting that historically, current levels have marked a turning point.

Still hopeful for Bitcoin to weather a macro storm this year, McGlone's data places BTC/USD at the same position in which it halted downtrends in March 2020 and July 2021.

Those incidences correspond to the coronavirus cross-march crash and the China miner rout, respectively.

“The 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,” he commented.

As Cointelegraph recently reported, Bitcoin has been echoing the events of March 2020 and onward in more ways than one this month.

Nonetheless, other sources continued to call for caution when it comes to calling time on spot price losses.

Related: ‘Stop panic selling’ — Bitcoin whales bag spare BTC as exchange balances fall

Among them was popular Twitter analyst Material Scientist, creator of analytics platform Material Indicators.

This week, he took aim at funding rates, which although negative do not necessarily mean that Bitcoin will dupe bears with an upward squeeze.

“I keep seeing people argue about negative funding necessitating us bottoming,” he argued.

An accompanying chart showed instances in which negative funding across crypto did indeed come before further downside in 2021.

“No one knows when the bottom is for BTC. Sometimes it’s as simple as assessing the asymmetry of potential