According to Bloomberg Intelligence strategist Mike McGlone, Bitcoin could face increased pressure from the US Federal Reserve until the end of 2023.
McGlone predicts that the digital currency may experience a significant drop in value if other central banks also adopt tight monetary policies, following the Fed’s lead.
In light of this, McGlone suggests that BTC may find support around the $25,000 mark.
Despite its recent losses, Bitcoin has still shown strong performance over the past year, the Bloomberg strategist noted.
In comparing BTC to Treasury bonds and gold, McGlone pointed out that most major assets have experienced growth this year and any potential pullback would likely be corrective in nature.
However, the strategist also expressed doubt that BTC would fall below $25,000, as most investors would not be interested in such a significant decline.
