Cryptocurrency Market Faces Potential "Crypto Hangover" in Q4

In a recent revelation, Mike McGlone, a senior strategist specializing in commodities at Bloomberg, has offered a compelling forecast regarding the cryptocurrency market. He anticipates a substantial "crypto hangover" that will persist throughout the fourth quarter of this year. McGlone's predictions draw heavily from historical trends, indicating that a significant price dip for the leading cryptocurrency, Bitcoin, might precede a global bullish rally. Notably, he suggests that the actions of the Federal Reserve currently serve as an indicator for forecasting Bitcoin's future dynamics.

McGlone emphasized, "Market liquidity remains negative, carrying certain consequences. The crypto hangover might extend for a specific period as the refinancing rate in the United States continues to rise, despite signals of a potential economic downturn."

Meanwhile, Bitcoin, the prominent digital currency, is currently trading near the $27,600 mark, having gained approximately 0.42% in the last 24 hours. Over the past week, Bitcoin has seen an increase in value of nearly 2.9%.

Concluding his analysis, McGlone stated that the $30,000 range remains a critical and global resistance level. He believes that the cryptocurrency could reach this milestone in early 2023.

In a recent tweet, Robert Kiyosaki urged the public to be more active in investing in Bitcoin and precious metals. According to experts, there is a foreseeable future in which the United States may experience severe hyperinflation, potentially leading to the collapse of the American currency.

Kiyosaki, once again, underscored his perception of fiat currency as a straightforward deception. He highlighted a clear trend where an increasing number of countries are attempting to distance themselves from the US dollar.