A new BTC post came from Bloomberg analyst Mike McGlone, who is closely followed with his analyzes on Bitcoin and cryptocurrencies.

McGlone argued that if Bitcoin cannot rise above its current price level of $30,000, this could be a bad sign for the US economy.

Stating that Bitcoin's rise above $ 30,000 again after July 2022 is a good jump for BTC, the famous analyst said that BTC may have to go through a significant decline before it can achieve a similar rise.

Pointing out that many people see Bitcoin as the "fastest horse" in the rally race, McGlone continued his post with the following statements:

“If BTC continues to stall in the $30,000 range despite the sentiment generated by the potential approval of a spot Bitcoin ETF, this could herald headwinds from a potential deflationary economic storm.

Moreover, since the first quarter of 2023, although the Nasdaq has increased by 20%, the BTC price has only increased by 5%. This means that the recent rally in risk assets is not confirmed by Bitcoin. “This situation may bode well for the US economy.”

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