Bloomberg Intelligence senior macro strategist Mike McGlone is warning Bitcoin (BTC) traders to avoid fighting the U.S. Federal Reserve.
McGlone warns his 54,500 Twitter followers that BTC is still facing major headwinds in Q1 of 2023, primarily the Fed and its agenda for taming inflation.
The analyst shows a chart depicting Bitcoin’s correlation with the Federal Funds rate.
“The primary 1Q risk-asset options appear to be either bear-market bounce or bottoming, and a burgeoning leading indicator – Bitcoin – may be rolling over. The benchmark crypto is backing away from resistance as the top headwind remains: ‘Don’t fight the Fed.’”
In a new interview with The Wolf of All Streets podcast host Scott Melker, McGlone further expands on his general outlook on the current state of the crypto industry. He says that more regulation may be coming to the industry soon, and that it may not be a bad thing.
“It’s just classic, classic Warren Buffett – ‘The tide’s gone out, we see who’s not wearing clothes’. There’s still a lot of… There’s so much adult supervision needed in crypto. Yes. I know people complain about regulation. I get it. I’m sorry. But people like Sam Bankman-Fried prove that young people playing video games should not be running corporations and taking your money and giving it away to their parents to buy homes and things.
That’s just the lessons we’re learning. When you put your money with a trusted producer, an exchange, you want to be able to trust that exchange… So that’s just what’s happening. Classic ‘tide’s gone out.’”
BTC is worth $21,502 at time of writing, down 2.4% over the last 24 hours.
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