Mike McGlone, senior commodities analyst at Bloomberg Intelligence, explained in a recent tweet that Bitcoin, the world's largest cryptocurrency, is currently at its breaking point.
Expressing his thoughts on Bitcoin and US stock markets, McGlone announced the most important critical levels for the markets. The Bloomberg analyst, who evaluated the Bitcoin and Nasdaq chart in his post on his official Twitter account, said:
"Breakthrough points: While $30,000 is a very important level in Bitcoin, I see this level as $13,000 in Nasdaq."
Saying that the breaking point in Bitcoin is 30 thousand dollars, McGlone drew attention to 13 thousand dollars in the Nasdaq chart. Success investor and analyst concluded his statements with the following words:
"Despite a nearly 30% drop in the Nasdaq 100 stock index, it may continue to be affected by the FED's inflation moves. This picture is similar for Bitcoin."
Stating that the US stock markets and Bitcoin were affected by the interest rate moves of the FED to reduce inflation, the successful investor seems to think that the downward movement in investment instruments may change in June.
The moves by the US Federal Reserve (FED), which will take a new decision on interest rate hikes on June 15, may cause the markets to suffer.
While many experts think he's priced in a 50 basis point rate hike, global markets and the crypto sector may again experience serious depreciation after mid-June.
Big Losses in Bitcoin and Altcoins
May was a bad month for crypto investors as a whole, although we've seen some recovery in the past few days. Falling prices in May not only affected holders of the luna classic (LUNC) token or the collapsing stablecoin terraUSD (UST), but also investors in bitcoin (BTC) and ethereum (ETH). The losses in May came after April, when the top 10 coins by market cap (as ranked by Coincodex.com) suffered losses. The losses in April came after March, which was a relatively good month when all the top 10 coins were up. However, the market turned red in May.