Senior Bloomberg macro analyst Mike McGlone and BitMEX founder Arthur Hayes were split about Bitcoin (BTC)’s next levels. While Hayes offers a more optimistic future, according to McGlone, the leading crypto has troubled days.
Mike McGlone believes the worst is yet to come for Bitcoin
In his latest report, McGlone, a senior macro analyst at Bloomberg, predicted a tumultuous June for the cryptocurrency market. BTC price ended the green candle series it has been continuing since the beginning of the year in May. It started the new month with forecasts predicting it would drop to $26,500 and then $23,000.
McGlone claims that, despite the recovery in recent months, the stakes for the Bloomberg Galaxy Crypto Index remain skewed negative. These facts, along with the speculative excesses leading to the 2021 high, make the forecast for the crypto market bleak.
McGlone notes that Bitcoin’s weakness in May, especially with copper and Chinese equities, was phenomenal when compared to the strong Nasdaq 100 Stock Index. While the Nasdaq has the capacity to raise all boats, it may still clash with the Fed’s rising rate hike expectations.
‘Bitcoin has lost its role as store of value’
McGlone also believes that BTC, sometimes referred to as digital gold due to its perceived role as a store of value, may not be able to beat traditional investors like gold if there is a recession in the US economy. The reason is that compared to gold, which has been used as a store of value for thousands of years, BTC is still in its infancy. As a result, in times of economic uncertainty, investors may turn to gold instead of rising assets like Bitcoin.
‘June will be critical’
According to McGlone, June will show whether the first half will continue the trend towards risky markets like Bitcoin. It will also soon reveal whether it will cause a recession in the US. The analyst supports the second possibility by pointing out the optimistic outlook of the market as a result of the interest rate hikes. He also warns that the worst for BTC may not be over yet. The reasons for this are; current patterns, underlying causes, and Fed bias.
Arthur Hayes was optimistic: he predicted a bull market for Bitcoin
Offering a different perspective from McGlone, the BitMEX founder outlines the bullish path for Bitcoin. Hayes says in his new report that the Fed’s rate hike will trigger a Bitcoin bull run.
According to the BitMEX founder, the Fed will likely have to print money to pay interest on their reserve balances. Thus, the liquidity in the system will increase. Hayes also predicts that the wealthy who receive interest payments from the Fed are likely to move incomes to risky markets like BTC.
BTC will be in the bull market on this date
Hayes says he believes “fireworks and the real Bitcoin bull market will start especially late in the third quarter and early fourth quarter of this year.”
The BitMEX founder says summer months in the US tend to “always disappoint” when it comes to dwindling crypto market activity, but that will change later.
cryptocoin.com We have included the current BTC analysis of CryptoQuant and Glassnode in this article. Finally, the current prices of the top 20 cryptocurrencies by market cap, according to data from Coinecko, are as follows:
- Bitcoin (BTC) – 27,145.41
- Ethereum (ETH) – 1,904.26
- Tether (USDT) – 0.999959
- Binance Coin (BNB) – 306.39
- USD Coin (USDC) – 0.999728
- XRP (XRP) – 0.523761
- Lido Staked Ether (STETH) – 1,897.64
- Cardano (ADA) – 0.376483
- Dogecoin (DOGE) – 0.072613
- Solana (LEFT) – 21.18
- Polygon (MATIC) – 0.905888
- TRON (TRX) – 0.084870
- Litecoin (LTC) – 96.89
- Polkadot (DOT) – 5.29
- Binance USD (BUSD) – 0.999977
- Shiba Inu (SHIB) – 0.000000870
- Avalanche (AVAX) – 14.53
- Dai (DAI) – 0.999098
- Wrapped Bitcoin (WBTC) – 27,188.76
- Uniswap (UNI) – 5.08
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For the rest of the article, Master Bitcoin Forecasters: These Are Next For BTC!