Bitcoin (BTC) Price Under Pressure, Could Retest the $40,000 Level: IDX Advisors CIO

IDX Advisors chief investment officer Ben McMillan joins Market Domination to give insight into the recent movements in cryptocurrencies and what investors can expect moving forward.

IDX Advisors CIO Ben McMillan joins Market Domination to discuss crypto tail risks, bitcoin's potential to reach $73,000, and his thoughts on the broader markets.

IDX Advisors chief investment officer Ben McMillan joined المواد الغذائية اليوم to discuss crypto tail risks, bitcoin's potential to reach $73,000, and his thoughts on the broader markets.

McMillan sees crypto tail risks coming from "a material worsening of the macro data that could lead into a true recession, and then I think you'd have to watch out for bitcoin breaking below $50,000. And potentially retesting $40,000."

On bitcoin's prospects of reaching $73,000, McMillan said: "I think it's a coin flip. A lot of it rides on whether or not we get a recession, and if we do, how bad it is. The one big thing is the rates markets are still pricing in 100 basis points or even slightly more of rates cuts. To the extent that we only end up seeing 75 again, I think that suggests we're going to see more of a risk off move."

For more expert insight and the latest market action, click here to watch this full episode of المواد الغذائية اليوم.

This post was written by Nicholas Jacobino

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