Bloomberg Strategist Predicts Prolonged Crypto Hangover
According to Bloomberg’s senior commodity strategist, Mike McGlone, the cryptocurrency market is heading for a lingering ‘crypto hangover’ that will persist throughout the fourth quarter of 2023. McGlone has observed a concerning trend and believes that Bitcoin (BTC) may need to experience a failure first in order for liquidity to be turned back on.
Based on historical patterns, McGlone suggests that if Bitcoin gains in 2023, it may be a short-covering rally rather than a sustainable upward trend. He identifies $30,000 as a critical resistance level for Bitcoin, with the possibility of the price falling back to $10,000.
McGlone also maintains his recession outlook for the United States by the end of this year. He predicts that most risk assets, including Bitcoin, could face challenges and volatility ahead.
Hot Take: The Future of Cryptocurrencies
The predictions made by Bloomberg’s senior commodity strategist highlight the potential challenges and uncertainties facing the cryptocurrency market. While Bitcoin has seen significant growth in recent years, there are concerns about its long-term sustainability and potential market fluctuations. It is important for crypto investors to stay informed about market trends and be prepared for potential risks. As with any investment, it is crucial to carefully assess the market conditions and make informed decisions based on thorough research and analysis.
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