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As Bitcoin (BTC) struggles to remain above critical support levels, leading figures in the cryptocurrency world have discussed the current state of the market and possible future scenarios.
In the program hosted by Scott Melker, Mike McGlone and Gareth Soloway combined macroeconomic data with technical analysis to create a roadmap for investors.
Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, examines Bitcoin’s current situation from a broader economic perspective.
McGlone stated that the Fed’s tightening policies and the risk of an impending economic recession continue to put pressure on risky assets. While Bitcoin has the potential to act like digital gold, he noted that the current decrease in liquidity is suppressing its price. He added that whether Bitcoin will diverge from other risky assets in this process will be decisive.
Gareth Soloway, a technical trader and macro analyst with 24 years of experience, highlighted the dangers and opportunities in the charts. Soloway stated that the current level Bitcoin is trying to hold is vitally important. He warned that a close below these levels could pull the price down to much lower levels.
Soloway, technically speaking, cautioned against the possibility of “dead cat bounces,” implying that aggressive buying should be avoided without a clear trend reversal signal.
*This is not investment advice.
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