Bloomberg analyst: BTC may be in a bear market rally rather than a new bull market, and US stocks will fall due to economic recession

TechFlow news, April 23 — Bloomberg analyst Mike McGlone stated that he leans toward viewing the current Bitcoin movement as a bear market rally rather than the start of a new bull market.

McGlone pointed out that the Bitcoin/gold cross indicator shows similar trend characteristics to Dogecoin. While the trendline support is currently holding, he expects this support will eventually break due to potential declines in the U.S. stock market driven by an economic recession that did not materialize in 2023.