There are analysts in the Bitcoin and altcoin universe who are famous for their crash predictions. The accurate predictions of these analysts are important in terms of being a guide. Now we have such a warning near us. Let’s look at the details.
Second half highlight for bitcoin and altcoins
Mike McGlone, senior macro strategist at Bloomberg Intelligence, focuses on the second half of the year. The analyst says that Bitcoin (BTC) and crypto markets will experience declines for the rest of the year. McGlone believes an economic recession is on the horizon. Accordingly, he says, risk assets such as stocks and crypto may become cheaper in the coming months. According to the macro strategist, the Federal Reserve is still on track to raise interest rates. Accordingly, he states that developments may adversely affect the performance of Bitcoin and other crypto assets.
McGlone also says that the Bloomberg Economics team is predicting a “tough” second half for cryptocurrencies and stocks. According to him, the chart shows a rare divergence with the Nasdaq 100 Equity Index rising and BGCI falling (Q2). One-year Federal fund futures (FF13) is a liquidity indicator. Also, adding increased interest rate hike expectations to a climbing stock market could put a ceiling on Bitcoin and altcoin prices. In BGCI 2023, through June 1, it was up nearly 50%, while the Nasdaq was up 30%. Accordingly, recent developments may shift the trend towards what is typical of stagnant periods. It is in the form of cheapening of risk assets. In other words, there are risky situations for Bitcoin and altcoins.
Fall highlights continue
On the other hand, crypto strategist Benjamin Cowen tells his 783,000 YouTube subscribers that history marks a big drop for altcoins. According to Cowen, the Bitcoin dominance (BTC.D) chart looks strong right now. Also, historical data shows that Bitcoin (BTC) will continue to rise as the halving event approaches next year. At this point, Cowen said, “I think basically BTC dominance is on the rise. If dominance is on the rise, this is not a good thing for altcoins in Bitcoin pairs. On the other hand, if the dominance rises in the pre-halving year, then we will tend not to do well for altcoins in USD pairs as well. History tells us this. That doesn’t mean it has to happen. But history tells us this.” says.
Cowen emphasizes that if the crypto king’s dominance level rises above 49%, it will be a “risk aversion” signal. He goes on to say that even if the price of Bitcoin falls, the dominance level of BTC can rise. Cowen states that he believes the capital will most likely return from altcoins to Bitcoin BTC, although the process takes time. Finally, the analyst stating that there will be a decrease is il Capo. cryptocoin.com As I mentioned before, the analyst is very well known in the cryptocurrency space. Accordingly, the analyst points to the $11,000 level for Bitcoin. However, the analyst states that for this level to happen, Bitcoin must go below $25,000. On the other hand, the $ 30-31,000 levels for Bitcoin will confirm a bullish outlook.
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