Crypto analysis: Famous economist disclosing BTC future to $10000

However, for the short term analysis McGlone predicts that there may be a fall in the price of Bitcoin, saying that "returning" during the recession can see the Bitcoin market at around $ 10,000 or even as much as $ 7,500.  

Crypto analysis by Cryptocrit

Jerome Powell, the chairman of the Federal Reserve, made a statement about Bitcoin at the Jackson Hole Economic Policy Symposium on August 25, 2023. He said that cryptocurrencies, like Bitcoin, have "staying power" as an asset class. He also said that the Fed sees stable coins as a form of money, and that it would be appropriate to have a "robust federal role" in regulating them.

Powell's statement was seen as a positive development for the cryptocurrency industry. It is the first time that a sitting Fed chairman has acknowledged the potential of cryptocurrencies. However, Powell also warned that cryptocurrencies are "highly volatile" and that investors should be aware of the risks involved.

The price of Bitcoin initially slipped a few dollars on the hawkish lean to Powell's remarks, but has since bounced to modestly positive on the day at $26,200.

It remains to be seen how the Fed's regulatory plans for cryptocurrencies will play out. However, Powell's statement is a sign that the Fed is taking cryptocurrencies seriously, and that it is prepared to take action to protect investors.

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Mike McGlone, a respected macro strategist at Bloomberg, is still confident about Bitcoin, which is often called "digital gold." He has given a hence by mentioning, during the speech President Powell emphasized the need to implement "strong" policies to address inflation concerns. While economists continue to debate the merits of this approach, Powell's emphasis on controlling inflation has sparked speculation in the financial sector.

However, for the short term analysis McGlone predicts that there may be a fall in the price of Bitcoin, saying that "returning" during the recession can see the Bitcoin market at around $ 10,000 or even as much as $ 7,500.  

McGlone acknowledges Bitcoin's volatility but points to its historical performance as an asset class, even in the face of major downturns. Also, McGlone pointed out that Bitcoin's 100-week moving average (MA) is currently down, indicating negative market behavior. Recent reductions from 2022 and 2023 cuts confirm this observation.

BTC Technical analysis :

BTC price analysis by Cryptocrit

BTC price changed observed between $26300-$25752. At the time of writing the price of BTC was $26067.12. Last 24 hr. price range was observed most likely to stable around $26k zone. Price change ratio observed  2.33 % to upper side and 3.15% to down side from the current price. Actually the price decline $26300 to $25755 in a straight way. Then price was recovered to $26000-$26081 level. So for now  price could test the current resistance level $26800 and as follow as $27400. 

The market sentiment like pivotal technical indicators (RSI) and (MACD) we could predict that more bearish for short term momentum so the initial support would be $25500 level. If somehow bearish pattern could break this level than immediate push will test the next level $25200 and possible could test $24800 level. On the reverse case if BTC break resistance level $26800 than next barrier level is $27400.