In the Next Half A Year, the Bitcoin Rate Will Rise — Bloomberg’s Strategist

Bloomberg Intelligence senior commodities strategist Mike McGlone said that the price of Bitcoin is now moving in a pattern similar to the price chart during the end of the bear market in 2018.

In 2018, the value of Bitcoin in January was $16,000. But by mid-December of that year, the price of digital gold had dropped to $3,200. In the next half year, the price of BTC rose to $13,000.

McGlone in his assumption relies on the discount of the current price of BTC to its moving averages for the 50-week and 100-week periods and on the size of the drawdown of the Bloomberg Galaxy Crypto Index from ATH.

According to him, Bitcoin is either on the verge of one of the greatest bull markets, or many admit that crypto assets are a “failed experiment”.

McGlone compared the fall of the cryptocurrency market in the first half of the year to the “burst of the dot-com bubble of 2000-2002.” He noted that the elimination of leverage for all risky assets was typical for that period.

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