Bloomberg Intelligence's Chief Commodity Strategist, Mike McGlone, has suggested that if Bitcoin fails to surpass its current level of $30,000, it could indicate larger economic issues for the US. McGlone believes that if Bitcoin stalls, it may be a bad sign for the Nasdaq Composite index.

Despite the hype surrounding the potential launch of a Bitcoin spot ETF, the cryptocurrency has not endorsed the recent rally of risk assets. McGlone also predicts that the SEC may not approve BlackRock's filing for a Bitcoin spot ETF this year, and Bloomberg analysts expect the US to face a recession in the second half of 2023.