[Bitcoin returns to $60,000, Bloomberg experts issue bearish Bitcoin warning]
Bloomberg senior commodities strategist Mike McGlone recently warned that Bitcoin may be leading a correction in risk assets. Since March of this year, Bitcoin has underperformed, and stock markets and commodities have begun to move in tandem with it.
McGlone had earlier predicted that gold could overtake Bitcoin due to general economic factors. While this has yet to happen, gold has recently hit all-time highs, while Bitcoin is still struggling to recover after its recent price collapse.
He said the launch of U.S. ETFs and the impact of reduced supply in the first quarter could cause Bitcoin to face a lasting "hangover" effect, which affects its ability to reach new price highs.
Bitcoin briefly rallied back above $60,000 last week, but remains well below its all-time high in March. McGlone pointed out that Bitcoin, which has led risk assets to new highs since its inception, may also be leading the decline now.
Earlier this month, he also noted that Bitcoin had fallen below its 200-day moving average, a sign that risk assets may be pulling back. At press time, Bitcoin was trading at $59,611.
While an upcoming rate cut by the Federal Reserve may bring optimism, it remains to be seen whether bulls can reignite the situation.
