Benzinga - by Mehab Qureshi, Benzinga Staff Writer.
Bloomberg Intelligence’s senior macro strategist, Mike McGlone, has issued a warning regarding Bitcoin’s (CRYPTO: BTC) rally, suggesting that the king cryptocurrency may be nearing a peak and could see a market correction.
What Happened: During an interview with crypto influencer Scott Melker, McGlone spoke on the surge in Bitcoin prices and investors anticipating a decision on the approval of a spot Bitcoin ETF.
McGlone said, "There's almost always one simple prerequisite for things to break… Risk assets have to go down. That's what's missing. And Bitcoin is one of the riskiest assets…We've rallied 50% from $30,000. We've rallied 3x from last year… I look at it like, Okay, great. Thank you. You don't want to be getting overweight here. You want to be saying thank you."
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Why It Matters: McGlone views the present market situation as echoing previous market highs, hinting on the SEC's upcoming decision regarding spot Bitcoin ETF proposals.
Bitcoin reached $47,000 on Tuesday as investors eagerly await a regulatory decision for the first spot-based bitcoin exchange-traded funds in the U.S., expected sometime this week.
He pondered the spot BTC ETF approval outcomes stating, “This is the week. If they rug pull that's bad. If they launch, well, lessons haven’t been good. And is there a lot of hype and bullishness? Yeah, just as much as I've seen it other peaks.”
Price Action: At the time of writing, BTC was trading at $46,703.35, up 7% on Tuesday, according to Benzinga Pro.
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