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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Why Crypto Could Face “First Real Recession”, Analyst Suggests

Reynaldo Marquez
Reynaldo Marquez
2 years ago
2 mins read
Crypto Bitcoin BTC BTCUSDT

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The crypto market capitalization has been moving in the red over the past few days following an impressive rally. Large digital assets were seeing week after week of profits, but the macroeconomic landscape remains uncertain, capping any upside potential in the short term.

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As of this writing, the crypto total market cap stayed above the significant region of $1 trillion recaptured in early 2023. Across the board, digital assets experienced a positive rebound returning to levels last seen in November 2022 when major companies in the sector filed for bankruptcy amid a persistent downside trend.

Crypto total market cap BTC BTCUSDT
Crypto total market cap rallying on the daily chart. Source: Crypto Total from Tradingview

Looming Recession, Bad News For Crypto?

According to a report from Bloomberg Intelligence’s Senior Macro Strategist, Mike McGlone, the U.S. stock market could see further losses over the coming months. Bitcoin and the crypto market have displayed a high correlation with U.S. equities.

In that sense, crypto could follow and re-test its critical support levels if the latter assets trend to the downside. McGlone believes that the “first real recession” for digital assets could usher in an era of “lower asset prices and higher volatility.”

As seen in the chart below, the Nasdaq 100, the U.S. stock index tracking tech equity, is far from reaching its 2008 bottom. At this time, the collapse of the U.S. real state market crashed the world economy, forcing the Nasdaq below its 200-day moving average.

In today’s scenario, as seen in the chart below, the Nasdaq 100 and the crypto market are near a level that has operated as a bottom leading to price appreciation. However, if these levels failed due to macro events, equities, and crypto could crash much lower into their 2008 levels. McGlone wrote:

In 2002 (during the dot com bubble crash) the (Nasdaq) index bottomed at almost 70% below this mean, and about a 40% discount in 2009. We don’t expect the crypto market to be spared if the risk-asset tide continues to recede.

Crypto total market cap BTC BTCUSDT
Nasdaq 100 and Crypto near a break it or make it moment. Source: Mike McGlone via Twitter

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However, if the macroeconomic landscape improves, McGlone expects the nascent industry to “resume beating most equity indexes.” If the crypto market can rebound from these levels or hold support below to resume the rally, investors might see a change in the current regime that will benefit risk-on assets.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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