Commodities Expert Sounds Alarm: Crypto Hangover to Haunt Investors!

[ad_1] Bloomberg's Senior Commodity Strategist Predicts Lingering Crypto Hangover in Q4 2023 In a recent observation of the cryptocurrency market, Bloomberg's senior commodity strategist, Mike McGlone, has predicted a lingering "crypto hangover" that will continue throughout the fourth quarter of 2023. Based on historical patterns, McGlone noted that Bitcoin (BTC) may need to fail first as a prerequisite for Federal fund futures in one year (FF13) to indicate that liquidity is being turned back on. This decline in Bitcoin has often preceded Fed pivots, despite the Fed not showing much interest in the cryptocurrency. However, its leading-indicator status could be gaining traction. McGlone explained, "The bottom line for Bitcoin at the start of 4Q may be that liquidity remains negative, with price implications. Coming of age in a zero-interest-rate world, the crypto hangover could be enduring as global rates continue to rise, despite recession signals." Earlier, McGlone pointed out that cryptocurrencies were grappling with the specter of a recession. The weakness in the crypto space during the third quarter could either be a transient recovery blip or a more ominous sign of an impending recession. Meanwhile, Bitcoin is currently trading at $27,578, representing a 0.42% increase in the last 24 hours. It has also gained 2.88% over the previous seven days and 6.56% on its monthly chart. McGlone concluded that Bitcoin's gains in 2023, along with other risk assets, may be a short-covering rally. He believes that $30,000 remains a pivotal resistance level for Bitcoin, with risks tilted toward $10,000. He also maintains his recession outlook in the United States by the end of the year. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative, and your capital is at risk. [ad_2] https://market-news24.com/crypto/commodities-expert-sounds-alarm-crypto-hangover-to-haunt-investors/?feed_id=71301&_unique_id=651d9eb06cde9

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