Bitcoin, the leading cryptocurrency, which had a strong start to October, could not maintain the level of $ 28,500 and fell to the level of $ 27,500.
A new post came from Bloomberg analyst Mike McGlone, who warned of a recession for Bitcoin and the cryptocurrency market in his post yesterday.
Stating that the decline in Bitcoin preceded the FED pivots (FED's tightening rhetoric in monetary policy), McGlone said that BTC liquidity was negative at the beginning of the fourth quarter and continued to remain.
Claiming that the stagnation in the cryptocurrency market may be permanent as global interest rates continue to rise, the famous analyst pointed out that Bitcoin may have to fall first for the rise and liquidity to turn positive again.
Mike McGlone stated the following in his post:
“Bitcoin has gained along with most risky assets in 2023, but this could be a short-lived uptick.
Because Bloomberg Economics still remains firm in its prediction that the USA may face a possible recession at the end of the year.
“The near $30,000 level remains a significant resistance for Bitcoin, and risks for BTC are still tilted towards $10,000.”
Bitcoin continues to trade at $27,560 at the time of writing.
Declining Bitcoin Has Preceded #Fed Pivots –
The bottom line for #Bitcoin at the start of 4Q may be that liquidity remains negative, with price implications. Coming of age in a zero interest-rate world, the #crypto hangover could be enduring as global rates continue to rise,… pic.twitter.com/Nrn8lMaYzo— Mike McGlone (@mikemcglone11) October 3, 2023
*This is not investment advice.
