Summary

  • Mike McGlone said Bitcoin (BTC) could face a chain reaction of selling through year-end if it falls below $80,000.
  • Cointelegraph reported that McGlone said a move below $80,000 in Bitcoin could trigger additional selling pressure.
  • Bitcoin (BTC) tumbled about 6% to $75,600, and the analysis said a break below a key price level could lead to more selling pressure through year-end.

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Bitcoin could face a chain reaction of selling through year-end after falling below $80,000, according to a market view cited by Cointelegraph.

Cointelegraph reported on November 6 that Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said a drop below $80,000 could trigger another wave of selling in Bitcoin.

Bitcoin is already trading below $80,000. According to the quoted price data, the token tumbled about 6% to $75,600.

McGlone's view is that a break below a key price level in Bitcoin could lead to additional selling pressure through the end of the year.

JH Kim