A well-known cryptocurrency analyst predicts a decline in the bitcoin rate in the near future

A leading strategist at Bloomberg Intelligence believes that despite the rather positive macroeconomic situation for bitcoin, the flagship cryptocurrency’s rate could fall significantly in the near future.

During an interview with David Lin, Mike McGlone said that BTC $76,769.78 Bitcoin 0.97% Market capitalization $1.52 trillion VOL. 24 hours $3.51 billion has been growing in recent days due to BlackRock 's announcement to launch a spot ETF on BTC. However, so far, no such application has been approved by the US authorities, so the growth of the BTC rate may be short-lived and bitcoin will soon collapse.

«We have to hope that the regulator will approve the ETF. This is quite possible, as this is an application from BlackRock. At the same time, I expect bitcoin to grow in the long run. But there is a problem with the recession that may begin in the United States. During a normal recession, risky assets fall, and cryptocurrencies are risky assets. Bitcoin is the least risky, but there is a lot of risk,» McGlone shared his thoughts.

Following BlackRock, four other companies have submitted their applications to launch spot bitcoin ETFs: Fidelity, Invesco, Wisdom Tree, and Valkyrie. Cryptocurrency supporters are confident that this will give investors access to bitcoin without the need to own the underlying asset. Against this backdrop, bitcoin and most altcoins have shown growth.