Experienced analyst McGlone noted that macroeconomic factors are putting pressure on Bitcoin’s price, creating a favorable environment for the rise of gold.
McGlone expressed that in 2024, Bitcoin is likely to underperform compared to the adjusted risks, possibly falling below the stock market. During the same period, he anticipates that gold might take the lead.
Will Bitcoin Reach Historic Highs in 2024?
In recent times, Bitcoin has experienced high demand due to factors such as the approval of a Bitcoin exchange-traded fund (ETF) and the upcoming Bitcoin halving event. However, according to McGlone, macroeconomic factors could prevent Bitcoin from reaching historical highs in 2024.
McGlone believes that the expectations of the Federal Reserve lowering interest rates could have a negative impact on risky assets like Bitcoin. In a recent interview, McGlone emphasized that the Fed, unlike in the past, might not engage in easing due to the inflation it generated, suggesting a potential adverse effect on risky assets.
Sharing his prediction that the U.S. economy will enter a recession in 2024, McGlone suggested that this situation could drag down the stock market, causing harm to risk assets like Bitcoin. According to the analyst, it is likely for Bitcoin to lose more value when both the stock market and beta decline.