Bitcoin is trading at a significant discount in a sustained bull market. Mike McGlone, senior commodities strategist at Bloomberg Intelligence, said: Forbes.
“The first cryptocurrency hit an all-time low in July compared to its 100-week moving average”he explained.
The agency analyst emphasized the high importance of the stock market, with which bitcoin shows a noticeable correlation.
“There are several more powerful forces in the markets than when the stock market falls at a high rate, as happened in the first half of the year.”he said.
McGlone mentioned a key role Fed, which is pursuing aggressive rate hikes in 2022. This could potentially create a hurdle for risky assets, including cryptocurrencies and equities. He urged not to fight the Fed.
“Bitcoin is on its way to global digital collateral status. Ethereum is the main driver of the digital revolution”the expert concluded.
In July, McGlone predicted growth of digital gold in the next six months.
Recall that Grayscale analysts allowed the end of the crypto winter by the end of March 2023.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
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Bitcoin is trading at a significant discount in a sustained bull market. Mike McGlone, senior commodities strategist at Bloomberg Intelligence, said: Forbes.
“The first cryptocurrency hit an all-time low in July compared to its 100-week moving average”he explained.
The agency analyst emphasized the high importance of the stock market, with which bitcoin shows a noticeable correlation.
“There are several more powerful forces in the markets than when the stock market falls at a high rate, as happened in the first half of the year.”he said.
McGlone mentioned a key role Fed, which is pursuing aggressive rate hikes in 2022. This could potentially create a hurdle for risky assets, including cryptocurrencies and equities. He urged not to fight the Fed.
“Bitcoin is on its way to global digital collateral status. Ethereum is the main driver of the digital revolution”the expert concluded.
In July, McGlone predicted growth of digital gold in the next six months.
Recall that Grayscale analysts allowed the end of the crypto winter by the end of March 2023.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
