True Test Coming for Bitcoin, Warns Crypto Analyst Mike McGlone

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Benzinga

Bloomberg’s macro strategist Mike McGlone says Bitcoin (CRYPTO: BTC) will likely face a big test in the second half of 2023. In a tweet on Thursday, McGlone said that, after a strong performance in the first half of the year, BTC will likely have to endure harsh recessionary conditions in the next six months. “Bitcoin’s 84% gain in 1H was about double that of the Nasdaq 100 and consistent in annual volatility (risk-adjusted). It’s 2H that may define the benchmark crypto as a high-beta version of the stock market or for its potential to be digital gold in a world going that way,” he said. Also …

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