© Reuters. Analyst Warns Bitcoin And Other Crypto Assets Could Crash If This Happens: ‘It Might Make A New Low’
Benzinga – Bloomberg’s macro strategist Mike McGlone is warning about Bitcoin (CRYPTO: BTC) and other crypto assets.
During an episode of Blockwork Macro’s “On the Margin” this week, McGlone said that he sees the stock market falling off a cliff, following which most altcoins will likely witness a severe correction, with Bitcoin printing a new bear market bottom.
“My base case is going to 3,000, Bitcoin’s going to go down, I don’t know how far. It might make a new low. Cryptos will go down really hard. We’re going to purge some of these 24,000 cryptos. Get rid of some. They’re just silly,” he said.
McGlone also indicated that the crypto downturn is likely to last for months.
“Next year will be more enduring. It will just continue that. You have to get through this enduring period of a severe, I would say, a purge of assets. That’s my base case,” McGlone said.
Also Read: Here’s Why This Analyst Says A $10T Market Cap For Bitcoin Can Happen
However, the macro strategist said that BTC is unlikely to outperform other assets even if the stock market fails to plummet.
“If we don’t go down the stock market, I don’t fully expect Bitcoin to outperform in that case. So there’s kind of a win-win,” McGlone added.
At the time of writing, BTC was trading at $26,939, up by one percent in the last seven days.
Meanwhile, crypto analyst Justin Bennett recently said that the $25,000 mark might be the next stop for BTC, and the cryptocurrency might fall further in June before rebounding.
Now Read: Analyst Who Predicted May 2021 Crypto Crash Now Says Bitcoin Set To Surge To This Price By 2024
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