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Bloomberg Analyst Mike McGlone On BlackRock Bitcoin ETF, BTC Price $40K, And Recession

Bloomberg analyst Mike McGlone warns of headwinds in Bitcoin rally to $40,000 despite BlackRock Bitcoin ETF-fueled positive outlook.
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Bloomberg Analyst Mike McGlone On BlackRock Bitcoin ETF, BTC Price $40K, And Recession

Bitcoin hit a one-year high of $31,400, a price last seen before the May 2022 Terra-LUNA crisis that collapsed and started a set of troubles for the crypto market. Notable analysts and experts predict an upcoming BTC price rally, Bloomberg Intelligence’s senior strategist Mike McGlone warns of many headwinds for Bitcoin price to hit $40,000.

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Mike McGlone Predicts If Bitcoin Price To Hit $20,000 or $40,000

Bloomberg Intelligence’s senior strategist Mike McGlone took to Twitter to share the contents of a crypto outlook report. He argues that the launch of several Bitcoin ETFs including BlackRock spot Bitcoin ETF will not shield Bitcoin from facing its first US recession, potential equity bear market, and hawkish central banks.

The near-term outlook for Bitcoin is positive, but the key pivot point remained near $30,000 since 2021 amid the biggest money supply surge in history. He highlighted several obstacles that could potentially prevent BTC price from reaching $40,000.

In response to the recent Bitcoin ETF-inspired rally, McGlone said “Physical Bitcoin ETFs in the US are a matter of time, we believe. BlackRock’s application to start such a fund appears to have expedited this process, but a launch may not come in 2023, and Bloomberg Economics expects the US to tilt toward recession in coming months.”

Moreover, he believes the US Federal Reserve continuing interest rate hikes this year, weak US dollar liquidity, and Nasdaq 100 stock index reaching its peak are major obstacles to the upcoming Bitcoin rally.

“That the liquidity rug-pull is still happening, with most central banks continuing to tighten in June, could be a headwind, even as risk assets have bounced on hopes for a mild US recession and easing by the Fed.”

Source: Mike McGlone

Also Read: Crypto Telegram Channels List 2023; Updated List

Cubic Analytics founder Caleb Franzen largely echoed McGlone’s analytics and highlighted the major zone of resistance for Bitcoin between $31,000 and $35,000.

CoinGape Media also reported that the Bitcoin CME gap between $34455 and $35180 is about to get filled. Moreover, over 145k BTC options with a notional value of $4.5 billion are about to expire on Friday, June 30, but analysts remain bullish on BTC price due to overall near-term technical advantage.

Read More: Will Bitcoin Price Fill CME Gap At $34K-$35K? $BTC Options Worth $4.5 B Set To Expire On June 30

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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