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Bitcoin Is Facing Its First US Recession, Bloomberg's Market Expert Reveals

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.mikemcglone foresees a tough second half for Bitcoin as recession looms

The analysis shows that gold may shine in the presence of a full-blown recession as it is historically wont to do, a move which, if it arises may not favor BTC due to its risk-asset status.

While predicting the exact performance of the digital currency appears difficult due to the broad uncertainty that surrounds the asset, it is worth noting that Bitcoin in itself has maintained some level of resistance to the negative sentiment surrounding the market since the start of the year. Many investors are still bullish on Bitcoin even though the coin is currently trading below the $27,000 resistance point. Part of this trust in the coin's future is the $1 million price target that star investor Cathie Wood is

 

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