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Renowned macro strategist Mike McGlone from Bloomberg Intelligence shares a bleak outlook on the trajectory of Bitcoin (BTC) and other cryptocurrencies in a recent Blockworks Macro interview.
McGlone opines that a stock market slump is on the horizon. This downturn, he predicts, would significantly affect Bitcoin, pushing it into a new bear market low.
McGlone suggests that most altcoins will be hit hard by a stock market slump. They are likely to undergo a steep correction, in his view. He adds, “Cryptos will go down real hard. We’re going to purge some of these 24,000 cryptos. Get rid of some. They’re just silly.”
Despite this grim prognosis, he maintains optimism for Bitcoin and Ethereum. He believes these cryptocurrencies will weather the storm and eventually emerge stronger.
The senior macro strategist from Bloomberg Intelligence forecasts that the downturn could extend over several months. “Next year will be more enduring. It will just continue that… You have to get through this enduring period of a severe, I would say, purge of assets. That’s my base case.”
Even if the stock market defies McGlone’s expectations and remains stable, he doesn’t see Bitcoin outperforming other assets. “If we don’t go down the stock market, I don’t fully expect Bitcoin to outperform in that case. So there’s kind of a win-win.”
At the time of the publication, Bitcoin’s trading price stood at $27,050 according to CoinMarketCap data.