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Bloomberg Strategist Mike McGlone Says Bitcoin May Have Reached Bottom

Wed, 01/18/2023 - 14:13
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Godfrey Benjamin
Mike McGlone believes Bitcoin price has bottomed out
Bloomberg Strategist Mike McGlone Says Bitcoin May Have Reached Bottom
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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.

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%.

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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.

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.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.