Bloomberg Analyst: Bitcoin To Come Out Ahead Following Bear Market

There are all kinds of optimistic predictions about the price of Bitcoin these days. You can check out the latest one below.

Mike McGlone, Bloomberg’s senior macro strategist, says Bitcoin (BTC) is “poised to come out ahead” after the current bear market. He also said that it could take a serious price dip first.

McGlone noted in a new analysis that the potential for a global recession this year could turn into the very top factor in determining Bitcoin’s price.

“Our bias is that Bitcoin is more likely to come out ahead in most scenarios, but if the inverted yield curve is an indication, economic growth will ebb sharply, with implications for all assets. The benchmark crypto could revisit good support at around $10,000-$12,000 before resuming its enduring upward price trajectory.”

He continued and said this:

“A key difference from a year ago is the Federal Reserve and most central banks might be forced to start easing on the back of deflationary forces from declining asset prices.”

McGlone also argued the fact that Bitcoin is “maturing into the mainstream” and could be undervalued.

He also made sure to talk about BTC’s annual volatility, which is primed to drop to a new low versus the Nasdaq 100 Stock Index in 2023.

Regarding the price of Bitcoin today, at the moment of writing this article, BTC is trading in the red and the coin is priced at $16,929.

One of the most popular crypto YouTube channels out there, Coin Bureau is expressing bullish sentiment for crypto in 2023.

As the online publication the Daily Hodl notes, in a new interview with crypto personality Benjamin Cowen, Coin Bureau’s Guy Turner says that the earliest crypto assets could start recovering from the bear market is either late in the July-to-September quarter or early in the October-to-December quarter. Check out our previous article in order to learn more details.