bitcoin And cryptocurrency followed by investors with its analyzes on the market Mike McGlone, senior analyst at Bloomberg Intelligence He made an assessment of the decline in Bitcoin.
Stating that the decline in Bitcoin can accelerate the decline in other risky assets, Mike McGlone shared the decline signals he saw in BTC.
According to the analyst, if the worst-case scenario for risk assets is still not over BTC and cryptocurrencies are also likely to fall.
Comparing the stock market to the crypto market, McGlone stated that Bitcoin and cryptos have risen more than stocks.
Thinking that this bullish rate difference is possible within the broader bear market, McGlone said if stocks drop. bitcoin and warned that a similar drop could occur in cryptocurrencies.
“If the worst for risk assets isn’t over, Bitcoin could drop further.
If the stock markets are still in a bear market, the bear market for Bitcoin and cryptocurrencies is probably not over.
If we compare the stock markets to crypto, Bitcoin has increased by about 70% from the beginning of 2023 to May 2, while the stock market has increased by only 20%. This could bounce back in broader bear markets.”
FED’Mike McGlone, who also evaluated the interest rate hike in May and the messages it gave, stated that the fact that the FED did not change its mind on interest rates may be a sign of decline.
“The fact that the Fed is still in a tightening policy in May and tends to continue its tightening policy if its risky assets do not fall in a way that will help drive inflation could be a harbinger of a decline.”
Bitcoin Could Pace Declines for Risk Assets –
If the worst isn’t over for risk assets, #Bitcoin may lead the way lower. pic.twitter.com/UlEVjCEKwr— Mike McGlone (@mikemcglone11) May 8, 2023
*Not investment advice.
For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price tracking right now by downloading our apps!