Bloomberg Intelligence’s senior macro strategist Mike McGlone is expressing bearish sentiment on Bitcoin (BTC) and other crypto assets.
In a new Blockworks Macro interview, McGlone says that he sees the stock market falling off a cliff.
According to the macro analyst, most altcoins will likely witness a severe correction following a drop in the stock market, with Bitcoin printing a new bear market bottom.
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“My base case is [the S&P 500 index] is going to 3,000, Bitcoin’s going to go down, I don’t know how far. It might make a new low.
Cryptos will go down real hard. We’re going to purge some of these 24,000 cryptos. Get rid of some. They’re just silly.
But Bitcoin, Ethereum will come out ahead.
So my base
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