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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