In his latest report titled “Crypto Outlook, June 2023,” Bloomberg’s Senior Macro Strategist, Mike McGlone, predicts more pain ahead for Bitcoin (BTC) and the broader cryptocurrency market. McGlone argues that despite a rebound in prices in 2023, the risks for the Bloomberg Galaxy Crypto Index remain tilted downward. Related Reading: No More Crab: Bitcoin Poised For Explosive Move Above $30,000 Is Bitcoin Doomed? According to McGlone, cryptocurrencies face several headwinds, including the potential for a US recession, a potential stock bear market, vigilant central banks, and high interest-rate competition. These factors, combined with the speculative excesses that led to the 2021 peak, suggest that the outlook for the crypto market is bearish. Furthermore, McGlone points out that Bitcoin weakening in May, along with copper and equities in China, is unusual compared to the stalwart Nasdaq 100 Stock Index. While the potential for the Nasdaq to lift all boats exists, it may contrast with still-rising Fed rate-hike expectations. Additionally, McGlone suggests that Bitcoin, which is often referred to as digital gold due to its perceived status as a store of value, ..
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