Bitcoin has not yet hit its bottom, says Bloomberg analyst

Bitcoin has not yet reached its market bottom, according to an analysis by Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence. In a post on X, McGlone noted that BTC is currently trading at about a 13% discount to its 50-week moving average. He added that historically, market bottoms have typically formed when the price reached a discount of around 55% to that average, suggesting the potential for further declines.