Bitcoin and Crypto Market To Crash More -Bloomberg strategist
Bloomberg strategist, Mike McGlone thinks if the FED raises interest rates despite the risk of a recession, it could cause Bitcoin and other risk assets to decline.
For Bitcoin, a critical price milestone is $25,000. March could swiftly show whether crypto will hold up in the face of the Fed's tightening monetary policies.
Cryptocurrencies need to prove themselves amidst concerns about the possibility of further decline and the potential for sellers to act strategically based on risk vs. reward.
McGlone's bias is clear-cut: Risk assets must demonstrate resiliency at the beginning of March because the federal funds rate was zero a year ago and is now close to 5%.