While bitcoin is in full swing at the Miami Beach conference, Mike McGlone made an unpleasant prediction for crypto investors. According to his analysis, the crypto-flagship will suffer a fall if the conditions mentioned below were to arise.
A decline in the S&P 500 will lead to a decline in bitcoin
McGlone is neither a pessimist nor a bitcoin hater. As a senior macrostrategist at Bloomberg Intelligence, he frequently predicted about bitcoin. Last August, for example, he suggested that the queen of cryptocurrencies was approaching $100,000. Something that hadn’t happened until now. Can we still trust Mike McGlone when it comes to get out of bitcoin ?
In a recent interview with YouTube channel On The Margin, the Bloomberg analyst touched on ultra-hot topics like the ” debt ceiling, reasons for deflation (not inflation) and its outlook for commodities and durable goods, such as gold and bitcoin “, can we read on the presentation of the interview.
The Daily Hodl took up these few sentences in his words:
” My basic assumption is that [l’indice S&P 500] going down to 3,000, bitcoin going down, I don’t know how far. It could reach a new low.
Cryptocurrencies will fall very sharply. We are going to purge some of these 24,000 cryptocurrencies. We will get rid of it. They are just plain stupid.
But bitcoin and ethereum will come out on top. »
In other words, there will be a purge in the very near future. This will certainly affect bitcoin and ethereum, without completely destroying them. Only “shitcoins” will disappear from the board.
BTC had traded at $26,886 at the time of writing.
What about the conditions of this “purge”?
For him, a descent of the S&P 500 to $3,000 will cause this correctionand as a corollary said purge.
” So my base case scenario is if that happens, the S&P 500 will hit 3,000. Yields will drop significantly “, he adds.
Thus, he also predicted that this downturn will last for months. And that could last until next year.
” Next year will be more sustainable. It’s gonna happen… You have to go through this enduring period of severe purging, I would say, of assets. That’s my basic assumption.” supports McGlone.
It should be mentioned that Mike McGlone has already put forward the thesis of an economic storm coming mid-April. Highly confident about the future of major cryptocurrencies like bitcoin and ether, he has occasionally suggested the deletion memecoins. To say that the latter have the wind in their sails at the moment.
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