Mike McGlone, senior macro strategist at Bloomberg Intelligence, said in his latest report titled “June Cryptocurrency Outlook” that the worst period for Bitcoin may not be over yet. The outlook for the currency appears to be bearish.
According to Mike McGlone’s analysis, the possibility of the Fed’s active interest rate hike still exists, which in turn leads to a gloomy market outlook. In addition, according to the analysis of the 52-week moving average trend.
Bitcoin has not escaped the downward trajectory, and Mike McGlone expressed doubts about Bitcoin’s ability to withstand the shrinking U.S. economy.
Because bitcoin is relatively young and considered a high-risk asset, risky assets, including cryptocurrencies, tend to become more vulnerable during recessions.