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Senior Macro Strategist at Bloomberg Intelligence, Mike McGlone, has provided an outlook on Bitcoin (BTC) following its robust performance in the first half of the year.
In his statements on Twitter, McGlone suggested that Bitcoin finds itself in a weak technical position, despite recent market strength. According to the market strategist, Bitcoin’s rally beyond $30,000 this year could be interpreted as an excessive bounce in a macro bear winter. He stated the following in his comments:
Bitcoin could extend within a downtrend… Our chart shows Bitcoin’s 52-week moving average embarking on a downward journey and the uptrend at the start of the pandemic. The cryptocurrency bounced from around $15,000 when 2022 was very cold, and by April, it may have overheated from roughly $30,000.
The Fed Effect!
However, the expert underscored that the Federal Reserve’s monetary policies could significantly influence the leading cryptocurrency Bitcoin’s price in the future. He stated:
What bends our directional bias for Bitcoin towards respecting the downwardly inclined 52-week average are enduring models of the explosion behind liquidity and drops when it’s removed. The Fed’s move to tighten twice despite a bank rush may demonstrate the central bank’s resolve. Falling copper and cryptocurrencies appear to heed the warning, contrary to the resilient stock market.
Earlier this month, McGlone suggested that the second half of the year might be bad for crypto assets and stocks as he believes the Federal Reserve is still on track to raise interest rates. At the time of writing, according to data from 21milyon.com, Bitcoin is trading at $25,849, a drop of more than 2% in the last 24 hours.
