Bloomberg’s Top Expert Unveils Scary Bitcoin Price Prediction

Bitcoin

According to senior macro strategist at Bloomberg Intelligence Mike McGlone’s most recent analysis, “Crypto Outlook, June 2023,” the worst may not be over for Bitcoin. According to McGlone, the forecast for BTC is gloomy based on current patterns, several factors, and the Federal Reserve’s bias.

McGlone claims that the month of June might indicate if the first half’s tendency towards growing risk assets, such as Bitcoin, will persist or whether it will result in a U.S. recession. The strategist favours the second possibility, pointing to the market’s upbeat outlook brought on by continuous, aggressive central bank rate rises.

The strategist emphasises the reasons for additional price decrease on BTC by pointing out that the cryptocurrency traded near $7,000 towards the end of 2019 before encountering a major liquidity pump, which raises questions about potential reversion risks. When compared to the initial rising trend shown at the start of the year, Bitcoin’s 52-week moving average has taken a negative turn as of June 1, with its value now hovering around $27,000.

The expert contends that the current price swings of the primary cryptocurrency, with a low of approximately $15,000 in 2022 and a high of over $30,000 in April, are consistent with previous cycles of booms and busts caused by changes in liquidity.

McGlone also questions if Bitcoin will be able to survive a downturn in the American economy because it is a high-risk investment and is still relatively new. During a downturn in the economy, risky assets, such as cryptocurrency, in his opinion, tend to become more accessible.

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