Bloomberg Intelligence’s senior commodity analyst Mike McGlone is calling for a “warm wave” as the market strategist explains, there is a lot of potential in bitcoin markets. On Monday, McGlone suggested that “Bitcoin appears poised to resume its tilt to outperform.” His comments follow his earlier prediction that Bitcoin and Ethereum appear to have “Most of their drawdown was completed.”
Mike McGlone Predicts an Upturn for Crypto Markets, Suggests Bitcoin Will Resume Increase in Value When ‘Fed Turns To Ease’
Mike McGlone is certain Bitcoin will show some recovery in the near future, as recently tweeted about a “warm wave” On Monday. McGlone’s comment describes that “what was resistance for bitcoin against the Nasdaq 100 stock index at 1:1 may be turning to support.” McGlone also shared this chart, which he said indicates “crypto price escaping stock index level lockdown in 4Q20, thanks to unprecedented fiscal and monetary stimulus.”
Right now, McGlone says that the one constant throughout the history of benchmark crypto is “its decreasing relative risk versus the stock index.” “At 2x,” Market strategists continue to work. “Bitcoin’s annual volatility at the end of 2022 compares to 4x at the end of 2021.” Bloomberg Senior Commodity Analyst added:
It may not be how low the world’s economies are in a given year. The argument against under-allocation of bitcoin’s potential to continue its path to becoming digital collateral is risk versus reward.
Bitcoin Crosses, Crypto Seeks To Regain The Edge Over Tesla: The Near Certainty Of The Decline #Bitcoin In the face of an ever-increasing number of #Tesla Outstanding Shares favor crypto outperformance if the rules are applied. pic.twitter.com/JNQVpOB6za
—Mike McGlone (@mikemcglone11) December 19, 2022
Bitcoin is now down 75% from the crypto asset’s all time high (ATH) on November 10, 2021, at $69,044 per unit. In BTC has fallen 2.3% in the past 14 days against the US Dollar and 1.3% since the beginning November 2022: BTC’s value against the US dollar has dropped 16.5% since the
