The week began with a strong surge in Bitcoin’s value, reaching its highest level since August at around $28,400. However, profit-taking by traders caused a drop below $28,000 in the evening.
On Tuesday, the leading cryptocurrency fell to $27,838 while Ether (ETH) also dropped to $1,661.96.
According to Bloomberg strategist Mike McGlone, this pullback was expected as the increasing value of digital currency often leads to higher volatility and more selling activity.
He also expresses doubt that BTC will reach $30,000 in the near future due to strict regulations in the US and the risk of a global recession shrinking investor appetite.
Therefore, McGlone predicts that both stock markets and digital currencies will face challenges in their growth.
