{"id":21106,"date":"2023-05-21T10:37:16","date_gmt":"2023-05-21T10:37:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/cryptocurrency-downturn-expected-says-bloomberg-analyst\/"},"modified":"2023-05-21T10:37:16","modified_gmt":"2023-05-21T10:37:16","slug":"cryptocurrency-downturn-expected-says-bloomberg-analyst","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/cryptocurrency-downturn-expected-says-bloomberg-analyst\/","title":{"rendered":"Cryptocurrency Downturn Expected, Says Bloomberg Analyst"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Renowned macro strategist Mike McGlone from Bloomberg Intelligence shares a bleak outlook on the trajectory of Bitcoin<\/a> (BTC) and other cryptocurrencies in a recent Blockworks Macro interview.<\/p>\n

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McGlone opines that a stock market slump is on the horizon. This downturn, he predicts, would significantly affect Bitcoin, pushing it into a new bear market low.<\/p>\n

McGlone suggests that most altcoins will be hit hard by a stock market slump. They are likely to undergo a steep correction, in his view. He adds, \u201cCryptos will go down real hard. We\u2019re going to purge some of these 24,000 cryptos. Get rid of some. They\u2019re just silly.\u201d<\/p>\n

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Silver Linings for Bitcoin and Ethereum<\/strong><\/h3>\n

Despite this grim prognosis, he maintains optimism for Bitcoin and Ethereum. He believes these cryptocurrencies will weather the storm and eventually emerge stronger.<\/p>\n

The senior macro strategist from Bloomberg Intelligence forecasts that the downturn could extend over several months. \u201cNext year will be more enduring. It will just continue that\u2026 You have to get through this enduring period of a severe, I would say, purge of assets. That\u2019s my base case.\u201d<\/p>\n

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Bitcoin\u2019s Performance in a Stable Stock Market<\/strong><\/h3>\n

Even if the stock market defies McGlone\u2019s expectations and remains stable, he doesn\u2019t see Bitcoin outperforming other assets. \u201cIf we don\u2019t go down the stock market, I don\u2019t fully expect Bitcoin to outperform in that case. So there\u2019s kind of a win-win.\u201d<\/p>\n

At the time of the publication, Bitcoin\u2019s trading price stood at $27,050 according to CoinMarketCap<\/a> data.<\/p>\n

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(Originally posted on : Crypto News – iGaming.org ) Renowned macro strategist Mike McGlone from Bloomberg Intelligence shares a bleak outlook on the trajectory of Bitcoin (BTC) and other cryptocurrencies in a recent Blockworks Macro interview. 100% up to $1000 + 25% Cashback! New players only. Welcome Bonus – 100% bonus on your first deposit […]<\/p>\n","protected":false},"author":5,"featured_media":21107,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21106"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=21106"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/21106\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/21107"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=21106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=21106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=21106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}