Bitcoin (BTC) Recovery Unlikely To Be Easy, Warns Bloomberg Strategist Mike McGlone – Here’s Why

Bitcoin (BTC) Recovery Unlikely To Be Easy, Warns Bloomberg Strategist Mike McGlone – Here’s Why


Bloomberg Intelligence senior macro strategist Mike McGlone says Bitcoin’s (BTC) road to recovery comes with big challenges.

McGlone tells his 54,400 Twitter followers that Bitcoin may be forming a bottom similar to 2018, but he warns the macroeconomic conditions are now less favorable than they were back then.

“Bitcoin’s roughly 80% drawdown to the 2022 low about matches the 2018 bottom, but a key difference is global liquidity is contracting. With the Fed and the greatest number of central banks in history still tightening, it’s unlikely a trough, and recovery for the asset referred to as the fastest horse in the race will be that easy.”

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McGlone says the Fed is likely to remain hawkish through June and that will create downward pressure on risk

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