Mike McGlone, senior macro strategist for Bloomberg Intelligence, recently warned Bitcoin investors of potential headwinds for the coin before the year 2023. Posting to his 58,900 Twitter followers, McGlone cited Bitcoin’s stalling at the $30,000 mark as a indication that unfavorable economic conditions are approaching quickly. He studies how the Nasdaq 100 Index (NDX) tends to parallel the trend of Bitcoin, showing that his cryptocurrency is falling compared to other stocks. In the second half of the year, McGlone predicts Bitcoin may drop due to economic deflation accompanied by reaching unemployment and poor returns for investors. Although he mentioned the application for popular Bitcoin exchange-traded funds (ETF) by BlackRock may be a momentary encouragement to the crypto market, he was certain the ETF will not be completed until 2024 or later. Currently trading for $29,800, Bitcoin has dropped 0.4% in the past 24 hours.
