Bitcoin Faces Downside Risk as Analyst Predicts Price Decline Amid Rising Rates

Bitcoin is trading in a narrow range between $25k and $29k and poised for a major price move according to Bloomberg analyst Mike McGlone.

McGlone believes Bitcoin is more likely to breakdown to the downside than rally higher.

He cites rising interest rates and a late economic cycle as headwinds for risk assets like Bitcoin.

In an interview, McGlone said he expects both stocks and Bitcoin to decline.

Bitcoin is currently trading around $28.5k based on the time the article was written.