Bloomberg Analyst: Bitcoin Will ‘Suffer’ in Economic Downturn
Bloomberg Intelligence’s senior macro strategist Mike McGlone believes that Bitcoin is showing bearish signals and will likely suffer in the event of an economic downturn. Despite the rise of other risk assets, Bitcoin has not been trading like treasury bonds or gold in a deflationary environment. McGlone points out that Bitcoin reached a peak of around $31,000 in Q1 but has since shown weakness compared to the stock market. He predicts that in the event of a global economic reset, Bitcoin will continue its recent downtrend, although it will eventually reach a six-figure price.
Key Points:
- Bitcoin is flashing bearish signals despite the rise of other risk assets.
- Bitcoin has not been trading like treasury bonds or gold in a deflationary environment.
- In Q1, Bitcoin reached a peak of around $31,000 but has since shown weakness compared to the stock market.
- In the event of a global economic reset, Bitcoin will likely continue its recent downtrend.
- However, McGlone believes that Bitcoin will eventually reach a six-figure price.
In conclusion, Bloomberg analyst Mike McGlone expresses bearish sentiment on Bitcoin in the near term. He believes that Bitcoin will suffer in the event of an economic downturn and that it has not been behaving like a safe-haven asset. While he predicts a continued downtrend in the short term, he ultimately sees Bitcoin reaching a price of $100,000.
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