Bloomberg Analyst McGlone Was Skeptical About Bitcoin’s Rise! Warned Investors

Bloomberg senior commodity strategist Mike McGlone issued a recession warning to investors.
Bitcoin Alerts from Bloomberg Senior Analyst Mike McGlone!

While the price of the most popular cryptocurrency, Bitcoin, remained at $ 28,000, Bloomberg’s senior commodity strategist Mike McGlone issued a recession alert to investors. Analyst stated that the trajectory in the cryptocurrency industry is concerning despite BTC rising beyond $ 28,000 at the time.

McGlone mentioned the weakness of cryptocurrencies in the third quarter, saying that BTC and cryptocurrencies are currently at risk of stagnation. According to McGlone, this weakening could indicate a coming recession or the ephemeral nature of the recovery.

The analyst stated that the second option is more likely and said:

“Crypto weakness in Q3 could be a recovery wave or recession trend. Our bias is towards the latter option, as almost all risk assets rise in 2023 and fall in the third quarter.”

The analyst also made reference to the 1987 bond disaster, noting that while crude oil peaked in July 2008, US Treasury bond yields peaked in the week leading up to the crash in 1987. Now, we can observe Bitcoin’s parallels.”

Mike McGlone issued a warning to investors at this point by equating the ascent of Bitcoin with the high just before the crash.

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