Bitcoin – BTC Breaking! This Is Coming For Bitcoin Soon – Mike McGlone The key thing to remember about Bitcoin is when this whole situation started with covet it went downwind with the NASDAQ went up with all liquidity it’s gone back down now it’s gone back up with the stock market so I prefer it to show Divergent strength away from the Stock market I think it has to probably get through this recession which we know all’s notes coming to if you certainly look at the yield curve it’s a matter of time and to see if it can show Divergence strength with the stock market going down as the FED has pointed Out they are not going to be there to cut rates which probably is bearish for Equity markets or this Bitcoin outperform on the way up I look at it as it’s got to prove itself and at thirty thousand about 3 100 this weekend at 31 000 this week and I think it’s just a little bit too risky here particularly if we tilt over to that recession that brings most assets risk assets lower Bitcoin prices hover above thirty thousand dollars as the cryptocurrency is facing headwinds tied to the potential recession Mike mcgloan Bloomberg intelligence senior macro Strategist highlights the outlook for Bitcoin while also commenting on how geopolitical pressures are hitting oil prices in a recent tweet Mike points out that bitcoin’s main adversary is the U.S recession as this is the first U.S recession Bitcoin would be witnessing according to McGlone people are hoping For yet even if we go for recession the FED will ease and save these risk assets the key point is Bitcoin is still very much trading like a risk asset like the stock market now you look at things like gold and treasury bonds that might be Better off so it’s got to prove it and the best way to prove it is to get through this recession and prove it mongolone says Bitcoin has to outperform gold and stocks to prove itself as the fastest horse in the race or risk becoming just a shadow for the stock market In this video mcloone presents his case for Bitcoin Divergent strength is outlook on crude oil prices and he also shares his view on the crypto regulation and how they affect the climate for crypto as you dive into the video remember to give us a like subscribe and Drop your comments as you go well I’m much more worried that of the whole tide going out because of this recession and the risk that everybody’s priced in for the bullish scenario the fed’s going to ease the fed’s Gonna Save Us yet Jerome policy is not gonna you look at the Interest rate expectations there’s not gonna there’s there’s still price or higher rates so we’re getting liquidity pulls mean higher rates in England and Canada and most of the rest of the world that’s just not a good environment for an expanding global economy that’s maybe tilting over to recession people are Hoping for yeah even if we go for recession to fetalese and save these risk assets the key point is Bitcoin is still very much trading likeness risk asset like the stock market now you look at things like gold and treasury bonds they might be better off so it’s got to Prove it and the best way to prove it is to get through this recession and prove it otherwise it’s just a faster version of the stock market which I think most people are looking for this fastest faster horse in the race to transition to trade more like maybe golden long Bonds and basically you have to be bullish to stock market here and expect Bitcoin outperform otherwise to me the key risk is the tide goes out and bitcoin’s the fastest horse in the race and it kind of leads the way this is a revolutionary technology and oftentimes that’s what humans do when something Comes in that they don’t understand which is okay the key thing about the Crackdown I think is prudent is we have to purge some of the massive speculation in space all revolutionary technologies have massive speculation I was reading this weekend about RCA the radio company went from three to three hundred and Then back down these things happen but there’s 25 000 cryptos in each Purge and then there’s Bitcoin in theorem and crypto dollars that’s very significant revolution technology the key thing is bitcoin’s going so far so fast and it still just has a it’s got to prove it’s Not just going to go up more than the stock market and that’s the key thing that most of our viewers and listeners have not lived through a true stock bear Market where it drops 20 the FED doesn’t save you and then it drops another 20 to Me that’s the risk in the broad Market crude oil Commodities are a bear Market um they’re down they were down almost 30 for a little while from the pink down 20 percent now in a year over year basis and the key question you have to ask yourself is what’s going to stop this And save it typically it takes a long and variable lag the Federal Reserve easy what are they doing they’re still tightening now you see what’s happening in China China’s leader made a major mistake of his unlimited friendship with Mr poop and what’s that doing overall to me it’s tilting the whole world towards Recession China’s having a problem with all the data is disappointing that’s the body in motion you have to ask yourself what stops this so I see crude oil is more likely to head towards 50 maybe even 40.hi Stan what it’s already happened natural gas has already done that Natural gas went from 10 to 2 and now it’s bouncy and I see the whole commodity Market in a bear market and the question is I don’t see anything stopping it so I think the best commodity might be performing or continue to perform well in the next Year or so it’s probably gold as we kill towards recession and maybe we eventually eventually get a federal reserve pivot or ease but for a commodity bottom in the commodity Market typically we are way too early typically you need to see a lag to easing and we Haven’t even started that yet and the Federal Reserve and most central banks still tight in leads to the recession being over right now we’re seeing a box but I did make the call for fifty dollars a barrel a long time ago when it was much higher and it was on the way up That is the trajectory the key thing is that’s what it always does is Commodities always go towards near the cost of production in in the long term in particular when economics get a little dicey and that’s happening right now fifty dollars is the average cost of Production in the US in natural gas the average cost of production is around two that’s where the mark it’s bottom so right now the key question I like to ask you and our viewers anybody else is what stops this bear market crude oil Opex trying to help by cutting Supply But typically what happens when no pet cups cut supplies that happens in Bear markets they’re responding to what they see in the macro in a prudent way for a cartel that’s trying to boost prices critics of the digital assets industry say it’s a buzzword latent and unsustainable always chasing the next New trend without much thought to its sustainability and for the most part they are right over the weekend at BTC one of China’s first crypto Publications announced it was abandoning the field entirely and pivoting to primarily covering I and the metaverse Venture capitalists seemingly bored of blockchain and crypto have Found a new interest in AI pitchbook data shows that Venture Capital funding for crypto is down 80 in the first quarter of 2023 from 12.3 billion dollars to 2.4 billion dollars pitch books data also shows that AA startups raise 1.6 billion dollars this quarter and another 10 billion dollars in deals Have been announced but I’ll get to close for all the hype the Edibles have the technology after putting it through its Paces AI is still somewhere between the peak of inflated expectations and the trough of disillusionment on a hype cycle it’s slow expensive and 15 to 20 Percent of what comes out of chat GPT artificial mouth is a hallucination certainly there are some similarities between the hype cycles of AI and Enterprise blockchain Enterprise blockchain was supposed to unlock billions in value through efficiencies but those that tried to implement it weren’t all that impressed So much so that IBM dismantled most of his blockchain team because of low revenue and Microsoft phase out its azure-based blockchain cloud services even at the height of blockchain mania the Prelude to the covid bull market there wasn’t the same fervor as there is with AI one to think that given the Disappointment of the Enterprise blockchain bubble bursting stakeholders would have learned their lesson about enthusiastically embracing new technology but here we are in other news Bitcoin and the tech heavy NASDAQ 100 hit their lowest correlation in three years indicating a possible decoupling is in the works according to a new report from Keiko research Simultaneously cryptocurrency and gold hit the highest correlation in several years last week with both assets rallying in 2023 Keiko a financial markets data provider reported that the correlation between Bitcoin and the NASDAQ 100 collapse to just 3 percent the NASDAQ tracks the performance of the largest and most actively traded Non-financial companies listed on the NASDAQ Stock Exchange meanwhile the index of correlation with traditional risk assets as steadily weakened this year from an average of 60 in 2022 according to analysts however the NASDAQ 100 is technically entered a bull market up more than 20 percent since its December 2022 lows Researchers at the data information company observe on Monday that the Gap in volatility between crypto and tech stocks had reached its highest level since the FTX collapse meanwhile according to another Keiko report Bitcoin and gold have behaved similarly with their correlation surging past 50 percent while another precious metal has seen a Red month is up year to date touching its two thousand dollars all-time high in May according to Yahoo finance meanwhile the cryptocurrency has been enjoying a BlackRock rally surpassing 31 thousand dollars last week do you think Bitcoin will become the fastest horse in this race let us know your opinions in The comments section below don’t forget to give us a like subscribe and turn on notifications thanks for watching 🚀 Discover iTrust Capital: Revolutionizing Crypto, Gold & Silver Investments with Your IRA Visit https://www.iTrust.capital/savvy for No Fees! 💰 Get into the Wealth DNA Code & Say Bye to Inflation and Poverty https://bit.ly/savvywealthcode 🐦 Join Us On Twitter – https://twitter.com/SavvyFinance_ DISCLAIMER: We may receive a small commission for any purchases made through our affiliate links.Thanks For Watching Our Video 🤗 Please, like, comment, subscribe, and ring the bell! EVERYTHING helps us grow!.Subscribe Here: http://bit.ly/SavvyFinance Credit: Yahoo Finance Bitcoin hovers around $30k, plus how the Wagner mutiny in Russia impacts commodities https://www.youtube.com/watch?v=u7j9sP_Y4OI #bitcoin #cryptonews #savvyfinance Welcome to “Savvy Finance 🤝 This channel is all about being savvy with your finance 💰.We create and share videos about investments and how best you can put your money to use, in order to bring in more money.We love cryptocurrencies and the stock market and so, we share a lot of crypto and stock market videos, including bitcoin, ethereum, Cardano ADA, and other altcoins #bitcoin #cryptocurrency #news #btc #ethereum #eth #cryptocurrency #litecoin #altcoin #altcoins #forex #money #best #trading #bitcoinmining #invest #trader #cryptocurrencies #top #investing #entrepreneur #business #success #investment #finance #motivation #coinbase #stocks #wallstreet #investor #wealth #bullish #altcoindaily #bearish #cryptolive #coinbureau #bitboy #savvyfinance 👨🏫.
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