Bloomberg Intelligence senior macro strategist Mike McGlone thinks Bitcoin’s (BTC) recent price action indicates economic turbulence is ahead.
McGlone tells his 60,000 followers on the social media platform X that Bitcoin is showing bearish divergence against the Nasdaq 100 Stock Index, which may indicate a coming recession.
“Is one of the best-performing assets ever telling us something?
Bitcoin has dropped about 15% in third quarter to September 1st vs. a 2% gain in the Nasdaq 100 Stock Index.
Weakness in the benchmark crypto could be a precursor for a normal stock market drawdown in a recession or simply falling behind.
My bias is the former, notably when considering how far risk assets have come since the financial crisis and what got them to