These are the main conditions for Bitcoin and Altcoin to go up again

"An increase in interest rates by the Fed will lead to a better and more productive capital market where asset prices do not rise when there is negative news," McGlone explained.

He added, asset prices will fall when there is negative news and rise when there is positive news. That is, the Fed will not save the stock market every time.Bullish Sentiment Against Bitcoin and Altcoins

According to McGlone, the deflationary period is the time when Bitcoin and altcoins will be ahead. ETH and the decentralized application sector will skyrocket due to technological developments.

Specifically for ETH, the blockchain successfully completed the merge update and transition from proof of work (PoW) to proof of stake (PoS) without any problems. This is seen as very bullish for the price of ETH.“We believe this is a significant moment that will see ETH outperform other cryptocurrencies for quite some time,” said Richard Usher, Head of OTC Trading at BCB Group.

BTC will be at the forefront because it is better than gold in certain aspects, for a world that is going digital, McGlone added, quoted by Daily Hodl.The Bloomberg Intelligence senior commodities analyst said that deflation is likely to occur in the next 12 months because the Fed will not ease monetary policy.

McGlone said the world is facing massive inflation, but one year from now it will be deflation. The deflation will last a long time, driven by a key factor in human nature.“The Fed will not apply waivers. I'm sure of that because the Fed will not repeat the mistake of applying too many waivers as it did over the past two years," McGlone said.He emphasized that the Fed will no longer save the capital market when investor sentiment is sluggish, so that it will lead to a major correction.McGlone believes the world will experience a transition to a global recession, followed by deflation where Bitcoin and altcoins can show profitable performances.