A new Bitcoin share came from Bloomberg analyst Mike McGlone, who has made a name for himself with his predictions and analyzes on Bitcoin and the crypto money market.
Explaining his opinion on whether the direction is $20,000 or $40,000 in BTC, McGlone said that Bitcoin may face upside winds in the near future.
Stating that the key point in Bitcoin has been about $ 30,000 since 2021, the analyst said that behind this rise of BTC, the Federal fund futures (Fed), the rise of Nasdaq and the application of several giant companies, including BlackRock, to the spot Bitcoin ETF. He said he got it.
"Bitcoin is $20,000 or $40,000? It's facing the Fed's tightening policy and recession.
Spot Bitcoin ETF filings won't stop Bitcoin from risking an initial US recession, a potential stock bear market, and facing central banks that continue to tighten.
Most central banks continued to tighten in June.
While risky assets like BTC have soared on hopes of a moderate US recession and Fed easing, the stance of most central banks could be a headwind for risky assets.
Bitcoin $20,000 or $40,000? Facing the #Fed, Recession, Nasdaq – Potential launch of US ETFs won't shield #Bitcoin from facing its first US #recession, a potential equity bear market and vigilant central banks. Lessons of risk-assets vs. negative liquidity & economic contraction pic.twitter.com/plM5c5ihsg
— Mike McGlone (@mikemcglone11) June 23, 2023
Stating that he believes it is only a matter of time before a spot Bitcoin ETF is approved in the US, Bloomberg analyst stated that BlackRock's spot Bitcoin ETF application has accelerated the approval process.
However, McGlone pointed out that there is a high probability that a spot Bitcoin ETF will not be approved in 2023, noting that the US could enter a recession in the coming months.
