Bloomberg strategist predicts difficult period for bitcoin

According to Bloomberg strategist Mike McGlone, June 2023 will continue to be a difficult period for bitcoin. Most likely, during the summer months, the cryptocurrency will not be able to demonstrate significant growth.

Moreover, the analyst does not exclude a strong drawdown of the Bloomberg Galaxy Crypto composite index, which displays the performance of the leading digital currencies.

In a note prepared for investors, Mike McGlone warned of the dominance of a bearish trend, at least in the coming months.

The stock market will stop growing due to the weakening of the activity of speculators. Accordingly, BTC will not be able to attract both short-term and long-term investors.

Demand for commodities in China began to decline in May. If high-tech manufacturing slows down in June and July, the Nasdaq index will be in a phase of stagnation.

In addition, stock markets are waiting for the June decision of the Federal Reserve.

If the US regulator raises the discount rate again, then business activity will remain at a low level, the Bloomberg strategist emphasized.