Bloomberg’s Mike McGlone has named the most important headwind for Bitcoin in 2022
In a current tweet, Mike McGlone, senior commodity strategist for Bloomberg Intelligence, has opined that Bitcoin, the world’s largest cryptocurrency, is presently at an inflection level.
Earlier immediately, the Bitcoin worth dipped to $29,232, the bottom stage since Could 29. The flagship cryptocurrency is poised to complete one more week within the pink, extending its record-shattering bearish streak.
McGlone sees an “emboldened” Federal Reserve as the primary headwind for Bitcoin and the broader cryptocurrency market.
The world’s strongest central financial institution will proceed elevating rates of interest sooner or later, with the market pricing in a 50 foundation level hike in June.
The Fed is unlikely to reverse its course even when inflation cools off since there’s nonetheless loads of work to do to realize the two% goal.
Cleveland Fed President Loretta Mester has advocated for climbing charges “as quickly as practical.”
In February, McGlone predicted that Bitcoin was on its solution to reaching the $100,000 stage.