Bloomberg’s Macro Strategist Mike McGlone warns Bitcoin BTC/USD and other crypto assets.
during one Episode of Blockwork Macros “On the Margin” This week, McGlone said he sees the stock market crashing off a cliff, after which most altcoins are likely to see a sharp correction, with Bitcoin setting a new bear market bottom.
“My base case is 3,000, bitcoin will go down, I don’t know how far. It could hit a new low. Cryptos will fall very sharply. We will delete some of those 24,000 cryptos. Get rid of some. They’re just silly,” he said.
McGlone also pointed out that the crypto downturn is likely to continue for months.
“Next year will be more sustainable. This will just keep going. They have to get through this prolonged period of severe, I would say asset cleansing. That’s my base case,” McGlone said.
However, the macro strategist said that even if the stock market doesn’t collapse, BTC is unlikely to outperform other assets.
“Unless the stock market goes down, I don’t expect Bitcoin to outperform in that case. So there’s kind of a win-win situation,” McGlone added.
At the time of writing, BTC is trading at $26,939, up 1 percent over the past seven days.
Now crypto analyst Justin Bennett recently said that $25,000 could be the next stop for BTC and the cryptocurrency could fall continued into June before bouncing back.