Bloomberg Intelligence: 52-Week Moving Average Shows Bitcoin Still Trapped in Downward Trajectory
Bloomberg Intelligence Senior Macro Strategist Mike McGlone stated in his latest report titled 'June Crypto Outlook' that Bitcoin's worst period may not be over yet. Based on current trends, Federal Reserve policy, and various other factors, Bitcoin's prospects appear bearish.
Bloomberg Intelligence Senior Macro Strategist Mike McGlone stated in his latest report titled 'June Crypto Outlook' that Bitcoin's worst period may not be over yet. Based on current trends, Federal Reserve policy, and various other factors, Bitcoin's prospects appear bearish.
According to McGlone's analysis, the possibility of aggressive Federal Reserve rate hikes remains, leading to an unfavorable market outlook. Additionally, based on the 52-week moving average trend analysis, Bitcoin has not escaped its downward trajectory.
Furthermore, McGlone expressed doubts about Bitcoin's ability to withstand a U.S. economic contraction, as Bitcoin is relatively young and considered a high-risk asset. During economic recessions, risk assets including cryptocurrencies tend to become more vulnerable to market pressures.