Summary
- Mike McGlone said Bitcoin (BTC) has entered a major stress-test phase this year.
- He said that if economic indicators worsen and stress re-emerges broadly across markets, the $90,000 level reached in January could be Bitcoin’s high for the year.
- He added that the same applies to other assets such as gold, silver and bonds, suggesting that a macroeconomic slowdown and financial-market instability could increase downside pressure across risk assets.
Mike McGlone, a senior macro strategist at Bloomberg Intelligence, said Bitcoin (BTC) has entered a critical stress-test phase this year.
In a post on X (formerly Twitter) on the 23rd (local time), he wrote, "If economic indicators deteriorate and stress re-emerges across markets, the $90,000 level hit in January could end up being Bitcoin’s high for the year."
He added, "The same applies to other assets such as gold, silver and bonds."
McGlone is seen as warning that if the macroeconomic slowdown and financial-market instability intensify again, downside pressure could build across risk assets.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
