🚀 Good news for Bitcoin fans! Bloomberg Intelligence analyst Mike McGlone believes that approval of a Bitcoin spot ETF in the United States is approaching and is “inevitable”. However, there is one bearish influence that is still threatening: the Federal Reserve (The Fed).

🐘 The Fed becomes the "elephant in the room" for all risk assets, including Bitcoin. The Fed's tight policy continues even though there is a trend of economic contraction.

📉 Bad impact for crypto markets: Bitcoin is still trying to recover from its plunge to $25,000 earlier this month. Currently, the price of Bitcoin is at $27,200.

🔑 McGlone called $30,000 a “key pivot level” for Bitcoin, which could signal an “upside reversal” if Bitcoin reaches that level. He compared this level to the $12,000 level in the second half of 2020.

🏦 The main factor that is different this time is unfavorable liquidity. Most central banks are still tightening policy and increasing the risk of turnover in stock markets.

💬 Let's discuss! Do you agree with Mike McGlone's analysis? What do you think about the Fed's influence on the crypto market? Come on, give your opinion in the comments column!