Bloomberg Intelligence’s senior macro strategist, Mike McGlone, has issued a warning regarding Bitcoin’s BTC/USD rally, suggesting that the king cryptocurrency may be nearing a peak and could see a market correction.
What Happened: During an interview with crypto influencer Scott Melker, McGlone spoke on the surge in Bitcoin prices and investors anticipating a decision on the approval of a spot Bitcoin ETF.
McGlone said, “There’s almost always one simple prerequisite for things to break… Risk assets have to go down. That’s what’s missing. And Bitcoin is one of the riskiest assets…We’ve rallied 50% from $30,000. We’ve rallied 3x from last year… I look at it like, Okay, great….
Read more on Benzinga