Bloomberg senior analyst Mike McGlone explained his reasons, arguing that Bitcoin’s (BTC) bullish tide won’t last long.
Mike McGlone, who frequently comes to the fore with his comments on the crypto money market, while commenting on the current situation of Bitcoin. 40,000 to reach dollar levels. from the obstacles in front of And possible decline He talked about his scenarios.
A recent social media in your postthe analyst dealing with the issue, US-based crisis While stating that it will affect all risk products, FED’s tightening policy That Bitcoin may not escape suggested.
The latest rise in Bitcoin is based in the USA. ETF applications And The US Federal Reserve (FED) McGlone, who tied it to interest rate policies, signaled an impending recession.
The popular analyst gave the following details in the continuation of his statement:
Bitcoin $20,000 or $40,000? Developments such as the Fed, the recession in the markets, the Nasdaq, the potential launch of Bitcoin ETFs will not prevent Bitcoin from facing a US recession and a potential stock bear market and central banks. Risk assets face negative liquidity and economic contraction.
for bitcoin $20,000 has been a pivot point since 2021 McGlone stated that he took on the task, recession He detailed the possible consequences of risk:
The pivot point for Bitcoin has been around $30,000 since 2021, when most risk assets gained value with the largest money supply increase in history. With many central banks continuing to tighten in June, the continued liquidity pull could create a headwind even as risk assets bounce off hopes of a mild US recession and the Fed’s easing.