Bitcoin (BTC), the world’s largest cryptocurrency, has experienced a period of stability around the $26,000 mark following the recent speech by Federal Reserve Chair Jerome Powell. Powell reiterated the central bank’s commitment to maintaining a 2% inflation target in his speech. As economists discuss the implications of this goal, market observers, including Bloomberg’s Senior Macro Strategist Mike McGlone, have weighed in on the potential impact of an impending recession on BTC’s price. Bitcoin Faces Bearish Outlook? During his speech, Chair Powell stressed the importance of implementing a “sufficiently restrictive” policy to address inflation-related concerns. While economists continue to debate the merits of this approach, Powell’s emphasis on controlling inflation has sparked speculation within the financial landscape. Related Reading: Shiba Inu Whale Buys 708 Billion SHIB, Sparks Speculation Of Price Recovery Mike McGlone, a respected senior macro strategist at Bloomberg, remains bullish on Bitcoin, often called “digital gold.” However, McGlone predicts a potential decline in Bitcoin’s price, stating that a “normal reversion” during an economic recession could see Bitcoin trading at around $10,000, or even as low as $7,500. M ..
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