McGlone Predicts Bitcoin Headwinds in Q1 2023
Brian McGlone, a famous analyst, has taken to Twitter to warn his 54,500 followers of the significant challenges that Bitcoin will face in the first quarter of 2023. Brian McGlone’s warning is brought to you by CoinUnited News. The biggest issues that Bitcoin is facing, according to McGlone, are the Federal Reserve and its efforts to control inflation.
Chart Shows the Relationship Between Bitcoin and the Federal Funds Rate
McGlone added a graph showing the relationship between Bitcoin and the Federal Funds rate in his tweet. As it retreats from resistance, he hypothesizes that Bitcoin may be in for a bear-market bounce or bottoming. McGlone cautions that the major obstacle still exists: “Don’t fight the Fed.”
Scott Melker is questioned. Describes the Current Situation of the Crypto Industry
In a recent interview with Scott Melker, presenter of the podcast The Wolf of All Streets, McGlone offers further details on his viewpoint on the cryptocurrency sector. In the near future, the industry may be subject to additional regulation, which, according to his prediction, may not necessarily be a negative thing. The present status of the cryptocurrency sector is compared by McGlone to the Warren Buffett idiom “The tide’s gone out, we see who’s not wearing clothing.” He highlights the necessity for adult oversight in the cryptocurrency sector by using the illustration of young kids playing video games who shouldn’t be running businesses that manage people’s money.
advised investor caution
Bitcoin’s worth as of this writing is $21,502, down 2.4% from the previous day. Before making any high-risk investments in Bitcoin, cryptocurrencies, or digital assets, investors are advised to exercise prudence and perform their due research, according to CoinUnited News. It is crucial to remember that transfers and exchanges are carried out at the user’s own risk, and any losses suffered are the user’s responsibility.