According to Bloomberg strategist Mike McGlone, June 2023 will remain a difficult period for bitcoin. Most likely, the cryptocurrency will not be able to demonstrate significant growth in the summer months.
And the analyst does not exclude a strong drawdown of the Bloomberg Galaxy Crypto composite index, which displays the performance of leading digital currencies.
In a research note prepared for investors, Mike McGlone warned of a dominant bearish trend for at least the next few months.
The stock market will stop growing due to the weakening activity of speculators. Accordingly, BTC will be unable to attract both short-term and long-term investors.
Demand for commodities in China began to decline in May. If the high-tech production slows down in June and July, the Nasdaq index will stagnate.
In addition, stock markets are waiting for the Federal Reserve’s decision in June. If the U.S. regulator raises the discount rate again, business activity will remain at a low level, the Bloomberg strategist said.