According to Bloomberg Intelligence senior macro strategist Mike McGlone, Bitcoin's recent price movement suggests that economic turbulence is on the horizon. McGlone believes that Bitcoin's bearish divergence against the Nasdaq 100 Stock Index may indicate a forthcoming recession.
He also notes that Bitcoin's performance relative to Japan's Nikkei 225 index is another reason for his bearish outlook on the cryptocurrency. McGlone says that if Bitcoin can regain the $31,000 price level, it would indicate a bullish reversal, but he believes BTC will continue to decline due to the fact that "the Fed and most central banks are still tightening."
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