Cryptocurrency analyst predicts a steady decline in bitcoin and the cryptocurrency market

Mike McGlone, senior commodities strategist at Bloomberg Intelligence, said that the recent rise in bitcoin’s value could be misinterpreted by crypto investors, as the market continues to show worrying trends and the possibility of a recession. The expert noted that although BTC is growing along with other risky assets, «it could be a fake pump organized by large players to cover their short positions.» The key resistance level for BTC does not exceed $ 30,000, while «the risks are approaching $ 10,000,» the expert believes.

A senior macro strategist at Bloomberg suggested that a sign of an impending recession could be the fact that the value of most digital assets, which showed a temporary increase during 2023, is gradually falling.

One of the reasons for the decline, which the strategist points out, was the concerted actions of the central banks of the United States and the European Union to tighten monetary policy. In addition, the consequences of the crisis in China’s construction industry also negatively affect the global digital asset market and put it under additional pressure.

Earlier, Robert Kiyosaki, a crypto enthusiast and author of the bestselling book on finance, Rich Dad, Poor Dad, urged his social media followers to stock up on bitcoin, gold, and silver as soon as possible before the digital US dollar appeared on the market.