Analyst Issues Stern Crypto Warning, Says Bitcoin 'May Have Turned Too Hot' Within A Downtrend
Portfolio Pulse from Bibhu Pattnaik
Bloomberg's macro strategist Mike McGlone warns that Bitcoin (BTC) may be in a poor technical position and could be overextended within a downtrend. He predicts a liquidity crunch in the second half of 2023 due to an expected US recession, which may cause BTC to drop further.
June 11, 2023 | 6:42 pm
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Mike McGlone warns that Bitcoin may be overextended within a downtrend and predicts a liquidity crunch in H2 2023 due to a US recession, potentially causing BTC to drop further.
Mike McGlone's bearish outlook on Bitcoin is based on its poor technical position and the expected US recession in H2 2023. This could lead to a liquidity crunch, causing Bitcoin to drop further. His analysis is based on historical patterns of booms and busts, as well as the current downward trend of Bitcoin's 52-week moving average.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 100