Bloomberg Intelligence's experienced strategist Mike McGlone comes to the fore with his opinions about Bitcoin from time to time.

In his latest comment about #Bitcoin on Twitter, Mike McGlone focused on a macroeconomic problem that could be negative for cryptocurrency. McGlone shared his opinion that the US economy may soon enter a recession and claimed that this could be a problem for risky assets such as cryptocurrencies, especially Bitcoin.

According to market predictions, the US economy may enter a period of contraction by the end of the year, and futures markets seem to be pricing in that the Fed will continue to increase interest rates this year. While McGlone emphasizes that the liquidity that will be withdrawn from the market will be negative for risky assets, he thinks that a possible recession period will negatively affect cryptocurrencies.

Accordingly, analysts see the recession, which has been expected for a while due to the negative liquidity in the first half of the year, as the biggest obstacle for stocks as well as cryptocurrencies.

McGlone also compared Bitcoin to the situation of gold in 2008 and reminded that during the great recession seen at that time, gold recorded a 30% retreat before rising rapidly.

The analyst thinks that Bitcoin should disrupt its positive correlation with the stock market in order to avoid being affected by a possible recession. According to McGlone, Bitcoin could show a stronger performance during the recession if it can reduce its correlation with the Nasdaq. McGlone also touched upon the spot #Bitcoin ETF applications that have recently become a catalyst for the #Kripto money market, and thinks that the approval of these investment funds could benefit the return of #btc .

The biggest handicap at this point is that it is unclear when the US Securities and Exchange Commission (SEC) will approve ETF applications. $BTC $ETH $BNB

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