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Bloomberg Intelligence Senior Commodities Strategist Mike McGlone warned that cryptocurrency markets could face a serious crash this year.
McGlone stated that Bitcoin falling below the $60,000 level would “undo the dominoes,” describing the current market situation as a “classic pump and dump.”
McGlone, reminding that cryptocurrencies are the most important leading indicator for risky assets, stated that Bitcoin’s performance has been “terrible” since the ETF launches. Arguing that Bitcoin previously drove the market higher but is now leading the decline, the strategist said, “Millions of tokens in the market represent nothing and are worth billions of dollars; the big liquidation has only just begun.”
McGlone, known for his bullish outlook on gold for years, has announced a change in his view. Stating that gold and silver have exhibited a parabolic rise, far ahead of fundamental data, the analyst predicts that gold may remain stuck in a certain range (between $3,000 and $6,000) for the next decade.
McGlone argued that investors should not currently take excessive positions in risky assets, saying, “Prudent investing means not getting overloaded with risky assets when they are at a 100-year high.”
*This is not investment advice.
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