Bloomberg Intelligence’s senior macro strategist Mike McGlone is outlining his bearish outlook on Bitcoin (BTC) after the crypto king’s sturdy efficiency within the first half of the yr.
McGlone tells his 58,000 Twitter followers that he thinks Bitcoin is in a poor technical place because it continues to edge downward regardless of the current energy within the inventory market.
Based on the market strategist, Bitcoin’s rally above $30,000 this yr might be seen as an overextended bounce inside a macro bear winter.
“Bitcoin could also be prolonged inside a downtrend…
Our graphic reveals the downward journey of Bitcoin’s 52-week shifting common vs. the upward development on the onset of the pandemic. The crypto has bounced from too chilly in 2022 at round $15,000 and should have turned too sizzling in April at about $30,000.
It’s the enduring patterns of booms on the again of liquidity and busts when it’s eliminated that tilts our route bias for Bitcoin towards respecting the down-sloping 52-week imply.
That the Fed has tightened twice regardless of a financial institution run could present the central financial institution’s tenacity. Slumping copper and cryptos seem like heeding the warning in distinction notably to the resilient inventory market.”
Earlier this month, McGlone stated that the second half of the yr might be ugly for crypto property and equities as he believes the Federal Reserve remains to be on the trail of accelerating rates of interest.
At time of writing, Bitcoin is buying and selling for $25,849, down over 2% within the final 24 hours.
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