Bloomberg analyst Mike McGlone makes frightening comments about Bitcoin in a recent article. Accordingly, he expresses his concerns about the future of BTC and the broader cryptocurrency market.
Bitcoin and cryptocurrency recession warning
Leading cryptocurrency Bitcoin started October strong. Accordingly, it had difficulty maintaining its position above the $28,500 mark. It also experienced a decline towards $27,500. In his last article, McGlone warned that there may be a recession in the cryptocurrency market. He pointed out that the decline in Bitcoin’s value occurred before the Federal Reserve’s (FED) tightening monetary policy rhetoric. McGlone also noted that Bitcoin’s liquidity was in a negative state at the beginning of the fourth quarter. He also emphasized that it continues to remain so.
Declining Bitcoin Has Preceded #Fed Pivots –
The bottom line for #Bitcoin at the start of 4Q may be that liquidity remains negative, with price implications. Coming of age in a zero interest-rate world, the #crypto hangover could be enduring as global rates continue to rise,… pic.twitter.com/Nrn8lMaYzo— Mike McGlone (@mikemcglone11) October 3, 2023
McGlone emphasizes the stagnation observed in the cryptocurrency market. This suggests that it could become a long-term problem, especially as global interest rates continue to rise. According to the famous analyst, Bitcoin will need to experience further declines before BTC can reverse its fortunes and move into a state of positive liquidity once again.
Important statements made by Mike McGlone
McGlone makes several important statements in his article. According to him, Bitcoin gained value along with most risky assets in 2023. However, this means a short-term rise. On the other hand, Bloomberg Economics is still firm in its prediction that the United States may face a possible recession at the end of the year.
Accordingly, the $ 30,000 level remains an important resistance for Bitcoin. However, risks for BTC are still moving towards 10,000. In this situation, for the analyst, the risk of Bitcoin falling to 10 thousand dollars is still at the door.
Current status of Bitcoin
When we look at Kriptokoin.com, Bitcoin is trading at $ 27,526 while writing this article. The cryptocurrency market continues to struggle with uncertainties and challenges. On the other hand, Bitcoin’s price fluctuations are closely followed by both investors and analysts.
Bloomberg analyst Mike McGlone’s warnings about a possible recession in the cryptocurrency market are remarkable. Accordingly, it underlines the ongoing volatility and uncertainties facing digital assets such as Bitcoin. Investors and enthusiasts remain vigilant as they evaluate the future course of the leading cryptocurrency. However, let us also point out that there are different emphases in the market. For example, analysts such as Poppe continue their bullish expectations for BTC. Accordingly, levels of 40 thousand dollars continue to remain on the agenda for the end of the year.
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