In a recent podcast, Mike McGlone, product strategist for Bloomberg Intelligence, predicted that Bitcoin could potentially rise if the recession deepens in 2024. McGlone believes that traditional financial investors and institutions are recognizing the need to add Bitcoin to their investment portfolios. He also thinks that if the S&P 500 index falls to 3,000 points, the price of Bitcoin will not fall below $20,000 and has the potential to rise.

McGlone had previously appeared on Cointelegraph YouTube, where he had explained that the banking crisis could be the spark that could ignite Bitcoin’s next cryptocurrency bull run. He believes that the bankruptcy of major banks such as Silicon Valley Bank (SVB) and Credit Suisse (CS) has shaken trust in traditional financial institutions, making Bitcoin attractive as a hedge against banking risk.

Furthermore, he points out that the Federal Reserve’s reluctance to ease monetary policy despite the financial crisis is driving the US economy into a recession. In this environment, Bitcoin is becoming a favorite among investors, and he believes that eventually, it will surpass all other cryptocurrencies.

McGlone emphasized that if Bitcoin stays above $25,000 and the S&P 500 index falls below 4,000, it will indicate that Bitcoin is set to take off. This prediction is based on his analysis of the current economic environment and his belief that investors are becoming increasingly interested in Bitcoin as a potential investment option.

While this prediction is based on several assumptions and hypothetical scenarios, it is worth noting that McGlone is a seasoned analyst with a wealth of experience in the financial industry. His predictions are based on his analysis of the current market trends, and as such, they should be taken seriously by investors who are considering investing in Bitcoin.

In conclusion, while no one can predict the future with certainty, McGlone’s prediction that Bitcoin could potentially rise if the recession deepens in 2024 is a noteworthy development in the world of cryptocurrency. As investors continue to seek out alternative investment options in the face of economic uncertainty, it is possible that Bitcoin may become an increasingly popular choice among investors.

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This article was republished from azcoinnews.com