Advertisement
AD

Main navigation

Bloomberg Strategist Mike McGlone Says Bitcoin May Have Reached Bottom

Advertisement
Wed, 18/01/2023 - 14:13
Bloomberg Strategist Mike McGlone Says Bitcoin May Have Reached Bottom
Cover image via www.youtube.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Bitcoin (BTC) has been trading consecutively above the $20,500 benchmark for at least four days in a row as the premier digital currency has continued to drive broader bullish market momentum. Riding on its recent price action, renowned Bloomberg Senior Commodity Strategist Mike McGlone believes the bottom has finally set in for the cryptocurrency.

Advertisement

Taking to his Twitter page, McGlone said the top cryptocurrency might have reached its bottom or is forming a bouncing bear pattern, either of which he said Bloomberg currently has a bias toward. According to him, there seems to be a correlation between the bottom that was attained in 2019 when the cryptocurrency bottomed out at $5,000.

As noted by the top market analyst, there is one major difference between the 2019 bottom and one that is being experienced at this time that may further aid the price resurgence. This difference, he said, is the fact that the Federal Reserve is still tightening its monetary policies with the Fed Fund Futures up 3.5%.

Related
Wrapped Bitcoin (WBTC) Is Melting on Ethereum Chain, What's Happening?

His argument consists of the fact that the recent growth rate of Bitcoin implies the coin has divergent strength versus interest rate hikes.

Bitcoin price predictions

As the flagship digital currency in the crypto ecosystem, its anchor role as a major go-to asset in the industry remains a highlight for pundits in the space.

Related
Bitcoin (BTC) Surges to New Multi-Month High as Recovery Picks Up Steam

Following Bitcoin's 22% weekly sustenance, Ben Armstrong, also known as BitBoy Crypto, believes the coin will grow toward the $25K to $30K range in the mid- to long term. Compared to prior projections, this estimate is very conservative as market leaders like Anthony Scaramucci, the founder and managing partner at SkyBridge Capital, have said he expects the coin's price to touch $50,000 to $100,000 in the next two to three years.

Besides Scaramucci, a handful of other pundits consider 2023 to mark the start of the bull run for Bitcoin.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles