According to Bloomberg Intelligence's senior macro strategist, Mike McGlone, Bitcoin will not experience a resurgence until risk assets such as stocks crash. McGlone notes that Bitcoin typically outperforms when the liquidity pump is on and underperforms when it is off, and currently, the liquidity pump is clearly off.
He also suggests that the Federal Reserve may reverse its hawkish stance if the stock market melts down, which could trigger a pivot. Despite potential losses, McGlone highlights that Bitcoin has still performed exceptionally well, having increased 26,000 times in 12 years.
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