Binance TR data shows Bitcoin (BTC) recently surged past $93,000, with altcoins also experiencing significant gains. However, Bloomberg analyst Mike McGlone cautions that this rally is likely temporary and a subsequent decline is expected.

McGlone's bearish outlook encompasses Bitcoin and Dogecoin (DOGE), noting their remarkably similar price movements over the past year. While current trends show support, he argues that the anticipated recession, though delayed, will ultimately impact the US stock market, triggering a downward price correction in cryptocurrencies.

He maintains that the recession is merely postponed, not averted. When it arrives, risky assets like Bitcoin and Dogecoin are likely to experience sharp drops. McGlone views the recent rally not as the start of a new bull market, but as a temporary spike within a prolonged bear market.

He stated: “Is the recent rally a bear market bounce or a new bull? My guess is the former. Bitcoin/gold cross and Dogecoin have the same chart structure. Trendline support is holding, but I expect prices to eventually break out as the US stock market falls due to a recession that is not coming in 2023.”

McGlone reiterates his belief in a strong correlation between cryptocurrencies, including Bitcoin, and major stock market indices such as the S&P 500, Nasdaq, and Dow Jones.

*This is not investment advice.