SHAFAQNA Türkiye – Mike McGlone, senior macro strategist at Bloomberg Intelligence, says the worst for Bitcoin may not be over yet and argues that liquidity will become scarce in the coming months due to the US recession. Fed members also said they expect a recession by the end of the year. Mike McGlone In his last commentary on the market, he said:
“June is the worst-case scenario for risky assets and bitcoinThis could show a 1Y (first half) uptrend or could turn into a recession in the US. Our trend is in the latter direction, especially since the markets seem to have priced in the upbeat result from the long and variable delays in the central bank’s aggressive rate hike, which is still rising.”
McGlone says he doesn’t believe this strength is sustainable, even though the markets have rebounded recently. According to him, the downward trend will continue.
“The possibility that a rising Nasdaq 100 stock index will lift the entire market may be temporary. The 100-week moving average chart shows the downtrend of the stock index and bitcoin. The question is whether the worst has passed or whether the trend has continued, especially when prices have rebounded.”
Cryptocurrencies will fall
bitcoin AND altcoin the strength of investors will be exhausted, we see that the volumes are melting. This capitulation actually indicates that the bear markets should end now. Or we can go to a deeper bottom after the last rise. Historical data is not always enough to predict the future of cryptocurrencies.
Who previously said Bitcoin could drop to $7,000 Bloomberg Analyst McGlone argues that the expected recession could achieve this goal.
“The 100-week average of $33,000 compared to Bitcoin’s high of around $30,000 in 2023 is reminiscent of the fall that started at about $7,000 before the liquidity surge in 2020-2021. The fact that the widely anticipated recession in the US has not yet begun may reduce asset risk accordingly.”
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