A new BTC share came from Bloomberg analyst Mike McGlone, who is closely followed by his analysis of Bitcoin and cryptocurrencies.
McGlone argued that if Bitcoin fails to rise above its current price level of $30,000, this could be a bad sign for the US economy.
Stating that Bitcoin's rise above $ 30,000 again after July 2022 is a good jump for BTC, the famous analyst said that BTC may have to go through a significant decline before it can achieve a similar rise.
Pointing out that many see Bitcoin as the “fastest horse” in the rally race, McGlone used the following statements in the continuation of his sharing:
“Despite the mood of the potential approval of a spot Bitcoin ETF, if BTC continues to hover in the $30,000 range, it could herald headwinds from a potential deflationary economic storm.
Also, although the Nasdaq has increased by 20% since the first quarter of 2023, the BTC price has only increased by 5%. This means that the latest rally in risk assets has not been confirmed by Bitcoin. This could bode well for the U.S. economy.”
Yes, Bitcoin Matters – If It Stalls, There May Be a Bigger Issue. Stalling at about $30,000 amid hype about potential for an ETF launch and the seemingly unstoppable stock market, a #Bitcoin pause may signal bigger #economic issues. pic.twitter.com/xucLAVLqec
— Mike McGlone (@mikemcglone11) July 20, 2023
McGlone, who also evaluated BlackRock's spot Bitcoin ETF application about a month ago, pointed out that the rally after this application was short-lived and compared it to a short-term rally that also took place in the emergence of futures-based ETFs in 2021.
Finally, considering that a spot Bitcoin ETF approval may not come in 2023, the analyst stated that Bloomberg Economics expects the USA to lean towards a recession in the second half of 2023.
*Not investment advice.
