Macroeconomic factors pressure Bitcoin’s price in 2024 despite the bullish narratives, says Senior Commodity Strategist at Bloomberg Intelligence, Mike McGlone. This contradicts the narratives that the Bitcoin market is primed for a bull run.
Bloomberg Intelligence analysts have increased their odds of a U.S. spot Bitcoin ETF approval from 65% to 75%, citing recent developments that favor the crypto industry. They believe the SEC will have a hard time denying the applications, especially after losing a court case against Grayscale. A spot Bitcoin ETF would allow investors to directly access the underlying asset without intermediaries.