Bloomberg Intelligence’s senior macro strategist Mike McGlone is warning that Bitcoin (BTC) is topping out and about to undergo a market correction.
In a new discussion with crypto influencer Scott Melker, McGlone predicts that Bitcoin will start to decline after a months-long rally leading up to the possible approval of a spot Bitcoin exchange-traded fund (ETF).
“There’s almost always one simple prerequisite for things to break. Why did Lehman break? Why did FTX break? Risk assets have to go down. That’s what’s missing. And Bitcoin is one of the riskiest assets…
We’ve had the hopium. We’ve rallied 50% from $30,000. We’ve rallied 3x from last year…
I look at it like, Okay, great. Thank you. You don’t want to be getting overweight here. You want to be saying thank you.”
McGlone believes that Bitcoin’s current price action is similar to other previous market tops, and will soon have a trend reversal triggered by whatever decision the U.S. Securities and Exchange Commission (SEC) makes this week on the spot market BTC ETF applications.
“This is the week. If they rug pull that’s bad. If they launch, well, lessons have been those haven’t been good. And is there a lot of hype and bullishness? Yeah, just as much as I’ve seen it other peaks.”
Bitcoin is trading for $45,205 at time of writing, up 2.5% in the last 24 hours.
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