Macroeconomic factors pressure Bitcoin's price in 2024 despite the bullish narratives, says senior commodity strategist at Bloomberg Intelligence, Mike McGlone.
Bitcoin (BTC) is likely to underperform the stock market on a risk-adjusted basis in 2024, while gold may come out ahead, says Bloomberg's senior commodity strategist Mike McGlone.
Despite the bullish narrative around the recent spot Bitcoin exchange-traded fund (ETF) approval and the upcoming Bitcoin halving, macroeconomic factors may prevent the largest cryptocurrency from reaching new all-time highs in 2024.
In particular, McGlone believes market expectations that the Fed will cut interest rates, which usually has a boosting effect on risk-on assets like Bitcoin, are largely misplaced.
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