Bitcoin (BTC) notable for its analysis Mike McGlone, senior commodity analyst at Bloomberg, via Twitter account BTC and made a new post about the crypto market.
FEDCommenting on the aggressive interest rate hikes in the face of rising inflation, the famous analyst stated that 2022 will have an important place in history.
“Bitcoin is gaining momentum as a store of value.
In this context, history can see 2022 as a year when the Fed aggressively tightens its monetary policy and Bitcoin joins gold and US Treasuries as a global store of value.”
Mike McGlone said that this scenario, which he announced for 2022, was accelerated in the beginning of September with the decreasing global GDP and the expectations of increase in interest rates.
Continuing, comparing Bitcoin with crude oil, McGlone pointed to the decline in crude oil and said that the decline in crude oil could accelerate the recovery of Bitcoin and the rise in its price.
“It was the rapid rise in energy prices in the first half of the year that encouraged the Fed’s fight against inflation. In this struggle of the FED, the interest rate increase had a negative impact on Bitcoin and decreases were seen.
But when we look at the BTC chart, we see that Bitcoin is consolidating at the MA 100 average to its lowest level ever.
What is noteworthy here is that Bitcoin’s $20,000 level sets a similar foundation as it did at around $5,000 in 2018-2019 and $300 in 2015.
In this context, Bitcoin’s $20,000 level supports the foundation formed in other years.
The conclusion is that Bitcoin is already cheap for a long bull market.”
McGlone, who stated in his previous statements that crude oil prices will continue their downward trend in the second half of 2022, said that the decline in crude oil bitcoin He argued that it would have a positive impact on the price.
“In this context, we can define the second half of 2022 as a discounted Bitcoin bull market and a bear market for crude oil.”
Sept. #crypto Outlook- There are few more powerful forces than stocks declining at high velocity, particularly with the #Fed tightening as the world leans toward recession. Cryptos are a minor part of the ebbing tide but not from an advancing technology, leading-indicator status pic.twitter.com/0Bnj4saAfm
— Mike McGlone (@mikemcglone11) September 6, 2022
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