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Bitcoin May Stumble When Rising to $40,000, Mike McGlone Says, Here Are Snags

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Fri, 23/06/2023 - 14:18
Bitcoin May Stumble When Rising to $40,000, Mike McGlone Says, Here Are Snags
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Bloomberg's chief commodity strategist Mike McGlone took to Twitter to share some of his recent analysis of Bitcoin and the factors that are likely to prevent its further growth toward $40,000.

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These bullish drivers "will not shield Bitcoin"

McGlone mentioned several bullish drivers that allowed the flagship cryptocurrency to recapture the $30,000 level and are holding BTC there at the moment. Among those are the Federal funds futures (the Fed), Nasdaq Composite Index rising and the potential launch of several Bitcoin ETFs, including BlackRock.

Still, the expert wrote, there are bearish factors that are likely to overcome the bullish ones and may create headwinds for Bitcoin's further rise toward the $40,000 price level.

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What Bitcoin is likely to face soon, McGlone believes, is a potential bear market of equities and "vigilant central banks."

During the recent FOMC meeting, officials indicated that they expect the Fed to make several rate hikes this year again, contrary to the hopes of the crypto community that there will be none.

As for the Bitcoin ETF filed for by BlackRock, McGlone believes that if it does get approved, the launch may not even take place this year. But a recession is expected within upcoming months already, and it may hit Bitcoin.

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