Bloomberg analyst predicts crypto's fall ⠀ Bloomberg Intelli | Crypto | Bitcoin | Ethereum | Altcoin | News

Bloomberg analyst predicts crypto's fall
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Bloomberg Intelligence analyst Mike McGlone suggests that the worst days are yet to come for Bitcoin. Based on current trends and the actions of the Federal Reserve, he sees a downtrend for Bitcoin.

He also points to a possible further drop in the price of Bitcoin. At the end of 2019, the cryptocurrency was trading around $7,000, after which its price soared. Now, Bitcoin's value is around $25,000-27,000, indicating a 52-week average decline.

Mike McGlone notes that Bitcoin's recent price swings, when it dipped to $15,000 in 2022 and rose to $30,000 in April, are similar to historical ups and downs caused by changes in liquidity. That's another factor that could speak to the cryptocurrency's possible decline in value.

McGlone doubts Bitcoin's ability to withstand a shrinking U.S. economy because the cryptocurrency is relatively young and considered a high-risk asset.

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