Bloomberg’s macro strategist Mike McGlone says that he believes incoming recessionary pressures could cause Bitcoin to retest the $20,000 level. McGlone warned that Bitcoin’s recent rally above $31,000 is running against a powerful headwind.
“Bitcoin $20,000 or $40,000? Facing the Fed, Recession, Nasdaq – Potential launch of U.S. ETFs won’t shield Bitcoin from facing its first U.S. recession, a potential equity bear market, and vigilant central banks. Lessons of risk-assets vs. negative liquidity and economic contraction,” he said.
