CandleFocus Bloomberg Analyst: Falling Bitcoin 'Might Suggest Deflation’
2025-03-04
Author: Content Editor
The senior commodity strategist at Bloomberg, Mike McGlone, believes that falling Bitcoin and crude oil prices could indicate deflation. He predicts that oil prices in the U.S. could potentially reach $60 per barrel. Deflation is characterized by a decrease in prices due to low demand and a slowdown in the economy. McGlone also suggests that the S&P 500 index might drop to its 200-day moving average, indicating a potential correction. The S&P 500 has experienced significant selling, with a nearly 2% drop in Tuesday's trading session and a 5% decline over the past month. Bitcoin has seen a 10% decline in the past 24 hours, while Solana (SOL) has plunged by 16%. Approximately $1 billion worth of crypto has been liquidated in the past day. McGlone also predicts that gold, considered a safe haven asset for investors, could surge to $3,000 amid economic turmoil. The U.S. economy is facing a sharp slowdown, with analysts even predicting a recession, as the Atlanta Fed's GDPNow model indicates a potential 3% contraction in the first quarter of the year.
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