Bitcoin (BTC) has come under selling pressure in October 2023, trading at $27,445 with a market cap of $535 billion. Bloomberg Intelligence’s Mike McGlone suggests that Bitcoin could drop to $10,000 before the year ends due to negative liquidity and the potential long-lasting effects of rising global interest rates. Despite the bearish sentiment, significant Bitcoin accumulation continues, with the US reportedly adding 10 million in debt.McGlone shared his perspective as he analyzed the current state of Bitcoin as the cryptocurrency market advances into the fourth quarter. He pointed out that Bitcoin could face challenges due to negative liquidity, potentially affecting its price. Additionally, he emphasized that Bitcoin saw mainstream adoption during a period of low interest rates, suggesting that as global interest rates rise, the crypto market could face lasting repercussions.Popular crypto evangelist Samson Mow stated that investors should be grappling for Bitcoin based on the US government’s recent debt increase. Bitcoin’s pseudonymous founder Satoshi Nakamoto also delivered a cryptic message stating that he would further simplify the Bitcoin whitepaper for investors. Ultimately, McGlone emphasized the significance of the $30,000 level as a critical resistance point for Bitcoin, highlighting that there is a prevailing risk of a potential decline to as low as $10,000.

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Information	Details
Geography	Global
Countries	🇺🇸
Sentiment	neutral
Relevance Score	8
People	Mike McGlone, Satoshi Nakamoto, Samson Mow
Companies	Bloomberg Intelligence, Ethereum, FED fund futures, Coinbase, US Federal Reserve
Currencies	Teh Fund, US Dollar, Ethereum, Bitcoin, Euro
Securities	None