After the Bear Market, Bitcoin May Come Out on Top, But It May Drop to this Level First: Bloomberg’s Top Analyst

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Bloomberg’s senior macro strategist Mike McGlone says Bitcoin ( BTC ) is likely to “come out ahead” in the current bear market. However, it may take a serious price drop first.

McGlone points out in a new analysis that Bitcoin’s potential global recession could be the main factor in determining its price.

Our bias is that Bitcoin will win in most cases, but the inverted yield curve could indicate that economic growth will slow down, which could have implications for all assets. Before it resumes its upward price trend, the benchmark crypto could get some support from around $10,000-12,000 again.

Deflationary forces caused by falling asset prices may force the Federal Reserve and many other central banks to ease.

McGlone also believes that Bitcoin is “maturing in the mainstream” and may be undervalued. McGlone cites BTC’s annual volatility as a reason for its potential decline to a historic low against the Nasdaq 100 Stock Index by 2023.

Source: Mike McGlone

At the time of writing, BTC was trading at $16,841. Market cap has ranked BTC as the top crypto asset. It is up about 0.17% over the last 24 hours and 1.3% over the past week. It is still more than 75% below its November 2021 record of $69,000.

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About the Author

Chris Munch is a professional crypto writer, researcher, and journalist with extensive experience in the cryptocurrency and blockchain space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. He has written numerous articles and research papers on a variety of topics, including market analysis, investment strategies, and the latest developments in the industry. With a background in finance and economics, Chris has a deep understanding of the economic and financial forces that drive the crypto market. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers. In addition to his writing, Chris is also a sought-after speaker and commentator on crypto and blockchain-related topics. He has appeared on numerous podcasts, webinars, and other events, sharing his knowledge and expertise with audiences around the world.

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