SEC Feud Could Lead to Bitcoin Milestone, Says McGlone

• Mike McGlone believes that the ongoing legal battle between the SEC and Grayscale may be a turning point for Bitcoin.
• The analyst claims that increasing Bitcoin futures open interest and decreasing fund price differences might lead to a new milestone for Bitcoin.
• Despite a recent market recovery, McGlone thinks that Bitcoin is still facing substantial obstacles.

Ongoing SEC Feud

Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, believes that the ongoing legal battle with the U.S. Securities and Exchange Commission (SEC) may be a turning point for Bitcoin, adding that there could be a milestone. Following a recent oral argument in Grayscale’s case against the SEC for rejecting its request to turn the GBTC trust into an exchange-traded fund (ETF), McGlone altered his opinion. He argues that Grayscale is more likely to become an ETF and that the halt in the long-running bull market of GBTC is only a passing blip.

Increasing Futures Open Interest

The expert believes that momentum may increase by increasing Bitcoin futures open interest and decreasing fund price differences. He said: “GBTC Litigation May Mark Milestone for Bitcoin, Crypto Maturity – Rising #Bitcoin futures open interest and narrowing fund price disparities may represent an unstoppable crypto maturation process.“

Facing Substantial Obstacles

Bitcoin, which is currently walking on eggshells owing to macroeconomic conditions, may benefit from the ongoing bear market and the recent dip according to McGlone. However, he voiced doubts on Bitcoin’s capacity to move above the $25,000 resistance level due to substantial obstacles it is still facing despite a recent market recovery. On Twitter he commented: “Don’t fight the Fed” was still driving markets during first quarter of this year influencing bitcoin negatively according to him making it continue its downtrend further down compared to $25k resistance level..

„Don’t Fight The Fed“

McGlone has been vocal about how „don’t fight the fed“ has been driving markets since 2022 up until now as per his tweets stating: „Don’t fight the Fed“ was key market influencer in 2022 & still remains so during 1Q 2021″. This includes bitcoin’s trend as well which he stated will continue moving lower due to this influential factor present in current markets.

Grayscale Arguments In Court

At hearing court seemed warm towards Grayscale’s arguments with one judge questioning disparity between prices of GBTC shares & bitcoin while second judge expressed skepticism towards SEC decision approving futures ETFs but not spot ones seeming positive towards Grayscale winning over its requested change in ETF status eventually leading way towards potential bullishness brought by BTC hitting new milestones once again if situation turns out favorable or otherwise followed by bearishness if things don’t go their way expectedly or otherwise!