Analyst Warns Bitcoin and Other Crypto Assets Could Crashing If This Happened: ‘It Could Make a New Low’

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Bloombergs macro strategist Mike McGlone warns against BitcoinBTC/USD and other crypto assets.

During an episode of Blockwork Macro’s “On the Margin” this week, McGlone said he sees the stock market falling off a cliff, after which most altcoins will likely see a severe correction, with Bitcoin printing a new low in the bear market.

My base case goes to 3,000, Bitcoins will go down, I don’t know how far. This could make a new low. Cryptos will fall very hard. Were going to purge some of those 24,000 cryptos. Get rid of some. They’re just silly, he said.

McGlone also indicated that the crypto downturn is expected to last for months.

Next year will be tougher. It will only continue. You have to go through this long period of a severe, I would say, asset purge. That’s my base case, McGlone said.

Also Read: Here’s Why This Analyst Says a $10 Billion Bitcoin Market Cap May Happen

However, macro strategists have said that BTC is unlikely to outperform other assets even if the stock market does not crash.

If we don’t take the stock market down, I don’t really expect Bitcoin to outperform in this case. So there’s kind of a win-win, McGlone added.

At the time of writing, BTC was trading at $26,939, up 1% in the past seven days.

Meanwhile, crypto analyst Justin Bennett recently said that the $25,000 mark could be the next step for BTC, and the cryptocurrency could fall further in June before bouncing back.

Now Read: Analyst Who Predicted May 2021 Crypto Crash Now Says Bitcoin Should Hit That Price By 2024

Photo: Shutterstock

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