Analyst Says Bitcoin Is Facing This Massive Headwind As It Hovers Above $30,000

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Benzinga

Bloomberg’s macro strategist Mike McGlone says that he believes incoming recessionary pressures could cause Bitcoin (CRYPTO: BTC) to retest the $20,000 level. In a tweet on Friday, McGlone warned that Bitcoin’s recent rally above $31,000 is running against a powerful headwind. “Bitcoin $20,000 or $40,000? Facing the Fed, Recession, Nasdaq – Potential launch of U.S. ETFs won’t shield Bitcoin from facing its first U.S. recession, a potential equity bear market, and vigilant central banks. Lessons of risk-assets vs. negative liquidity and economic contraction,” he said. At the time of writing, Bi…

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