Leading cryptocurrency Bitcoin While maintaining the $28,000 level, Bloomberg senior commodity strategist Mike McGloneA recession warning came to investors from .
BTC Despite rising above $28,000, the famous analyst said that the trend in the cryptocurrency market is worrying.
At this point BTC and of cryptocurrencies Stating that it is facing the risk of recession, McGlone touched upon the weakness of cryptocurrencies in the third quarter.
According to McGlone, this weakness could either be a sign that the recovery is temporary or a sign of an impending recession.
The analyst stated that the second option is more likely and said:
“3. Crypto weakness in the quarter could be a wave of recovery or recession trend. Our bias is towards the second option, as almost all risk assets rise in 2023 and fall in the third quarter.”
The analyst also referred to the bond crash of 1987. “While US Treasury bond yields in 1987 peaked the week before the crash, the peak for crude oil occurred in July 2008. “And now we see similarities in Bitcoin.” said.
At this point, Mike McGlone warned investors by comparing the rise in Bitcoin to the peak before the collapse.
Positive Beta vs. Negative Liquidity – Cryptos Face Recession: #Crypto weakness in 3Q may be a recovery blip or a #recession leaning Our bias is the latter, as almost all risk assets gained in 2023 and rolled over into the quarter. Most central banks are still tightening despite… pic.twitter.com/MaaZxhJdWL
— Mike McGlone (@mikemcglone11) October 2, 2023
*This is not investment advice.
For exclusive news, analysis and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android And iOS Start live price monitoring now by downloading our applications!