The flagship cryptocurrency Bitcoin ($BTC) is still enduring a downward trajectory and it may be a while \u201cbefore buy-and-hold types gain the upper hand\u201d in the cryptocurrency, at a time in which central banks keep on raising interest rates.<\/p>\n
According to Bloomberg commodity strategist Mike McGlone, who is a well-known cryptocurrency bull, the flagship cryptocurrency faces significant headwinds from interest rate hikes and regulatory pressure, and sees $BTC trending lower based on its 52-week moving average.<\/p>\n
McGlone, as CryptoGlobe reported, has last month suggested BTC investors should be accumulating the flagship cryptocurrency before its price explodes upward and hits $150,000 per coin. McGlone also warned traders that BTC could first drop to $15,000 before moving upward to new highs.<\/p>\n
The analyst also likened Bitcoin\u2019s adoption to that of the internet in its early days, and pointed out that demand and adoption are still low because we\u2019re in the cryptocurrency\u2019s \u201cearly days,\u201d similar to the internet 20 years ago.<\/p>\n
In an interview with cryptocurrency influencer Scott Melker, McGlone noted that he believes more regulations may be coming to the industry in the near future, as there\u2019s \u201cso much adult supervision needed in crypto,\u201d even though \u201cpeople complain about regulation.\u201d<\/p>\n
Per his words, as reported, people \u201cSam Bankman-Fried prove that young people playing video games should not be running corporations and taking your money and giving it away to their parents to buy homes and things.\u201d<\/p>\n
https:\/\/youtube.com\/watch?v=SGXWPsJW4mM%3Ffeature%3Doembed<\/p>\n
The analyst concluded that when users put their money in an exchange they want to be able to trust it, and implied that what\u2019s happening is platforms that users don\u2019t trust are starting to be filtered out.<\/p>\n
McGlone has notably accurately\u00a0predicted in November 2020 that the price of BTC would surpass its $20,000 mark\u00a0and enter a parabolic rally in 2021. \u00a0Last year, BTC reached a new all-time high near the $69,0000 mark before enduring a significant correction.<\/p>\n