Mike McGlone, one of the Bloomberg analysts, who is closely acquainted with the crypto money market, warned investors in his recent analysis! Focusing specifically on Bitcoin (BTC), the analyst pointed to a recent recession, suggesting that the Bitcoin price may see a correction! Here are the details…
Analyst Announced: “Bitcoin and cryptocurrencies await a major recession!”
cryptocoin.com Famous Bloomberg analyst Mike McGlone, whose predictions we have previously quoted, announced his predictions for the crypto money market. As you know, the probability of a recession in the US economy has increased in the past few months, and this coincided with the efforts of the Federal Reserve to control inflation. Amid growing concerns, Bloomberg senior commodity strategist Mike McGlone claims that all indications are that an inevitable recession is on the horizon.
In an interview with Blockworks Macro on May 17, 2023, McGlone said the economy is ’tilting’ towards a recession, citing factors such as the Federal Reserve’s tightening policies highlighted by rate hikes. The famous analyst on the subject quotes the following words:
We are heading towards a serious recession that has not yet started and all indications are in this direction at the moment. As far as I’m guessing, there’s nothing that can stop this downward trend right now.
He pointed out that some indicators include potential earnings contraction, sluggish market performance, falling natural gas and copper prices, and historically low unemployment rates. At the same time, despite expectations of a turnaround when the Federal Reserve implements monetary easing in response to its tight policies, the strategist predicts such a turnaround is unlikely based on historical patterns. The expert predicts a challenging future for most investment products such as cryptocurrencies and stocks.
How will this recession affect the cryptocurrency market?
On the other hand, senior Bloomberg analyst McGlone predicts a significant correction as the cryptocurrency exchange enters a downward trajectory, marking a tough stage for altcoins. The strategist also gave insight into Bitcoin (BTC), suggesting that he is ready to create a new bear market bottom during this period of market turbulence. Interestingly, he predicts a market drop that will wipe out most cryptocurrencies. The words of the analyst regarding the cryptocurrency market are as follows:
In my main scenario, the S&P 500 index will go to 3,000 and Bitcoin will go down, but I don’t know how much. It can make a new bottom. With that, cryptos will fall really hard. Some of the 24,000 cryptocurrencies will be cleared. The market will get rid of many. But Bitcoin and Ethereum will prevail.
On the other hand, the leading strategist also states that in case of any stock market crash, Bitcoin performance will not be able to get ahead of other assets. However, with the momentum that Bitcoin lost above 30 thousand dollars, it decreased to 26 thousand dollars. Instantly, BTC is trading at $ 26,894.
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