Bloomberg Strategist: BTC Will Go Through Difficult Period

Reading Time: < 1 minute

Mike McGlone, a Bloomberg strategist, has cautioned that June 2023 will be a challenging period for bitcoin.

He expects that investors will be unlikely to lend significant support to the cryptocurrency during the summer months.

Moreover, the analyst cautioned that a strong downturn of the Bloomberg Galaxy Crypto composite index—which tracks the performance of top digital currencies—is probable.

In his investor note, McGlone warned of a bearish trend over the upcoming months.

He attributes this potential trend to a waning of speculation activity by stock market investors and an inability to attract both short-term and long-term investors.

McGlone’s warning was further strengthened by the decrease in demand of Chinese commodities during May, and if the high-tech manufacturing sector experiences a slowdown during June and July, then the Nasdaq index could experience stagnation.

Finally, the Federal Reserve’s June decision could also determine business activity, as a further discount rate hike could dampen operation.

If you like our content and want to support us, please follow us on X, Facebook and Instagram and don’t miss the latest news!