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In a recent tweet, Mike McGlone, senior commodity strategist for Bloomberg Intelligence, has opined that Bitcoin, the world’s largest cryptocurrency, is currently at an inflection point.
Earlier today, the Bitcoin price dipped to $29,232, the lowest level since May 29. The flagship cryptocurrency is poised to finish yet another week in the red, extending its record-shattering bearish streak.
McGlone sees an “emboldened” Federal Reserve as the main headwind for Bitcoin and the broader cryptocurrency market.
The world’s most powerful central bank will continue raising interest rates in the future, with the market pricing in a 50 basis point hike in June.
The Fed is unlikely to reverse its course even if inflation cools off since there’s still plenty of work to do to achieve the 2% target.
Cleveland Fed President Loretta Mester has advocated for hiking rates “as quickly as practical.”
In February, McGlone predicted that Bitcoin was on its way to reaching the $100,000 level.