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