Bloomberg senior analyst Mike McGlone stated that in order for the risk appetite to increase again in Bitcoin (BTC), it is necessary to exceed $ 25 thousand, otherwise more short positions can be opened.
Mike McGlone said on his Twitter account on March 2, in sharingfor the revival of the Bitcoin appetite 25 thousand dollars He said he needed to rise above his level. In addition, McGlone stated that the bottom level may not have come in Bitcoin and cryptocurrencies, Not to exceed 25 thousand dollarsin case i this month more short position He said it could be opened.
McGlone said the Fed still continues to get tense and recession Stating that the risk is on the table, the senior analyst pointed to a remarkable data.
In the chart he shared Fed funds futures The analyst said that these funds were raised at the beginning of last year. at zero Now 15% He underlined that he was getting close. Stating that investors’ interest in traditional and non-risk products may increase in line with this data, the analyst said that Bitcoin at least 25 thousand dollars He stated that he had to prove himself at this point by breaking the tape.
Expecting an increase in Fed funds this year, McGlone pointed out that “stronger winds” may be experienced for Bitcoin:
For the S&P 500, the curve may not work as it did before, and we may not see a recession of around 50%, as in the two economic contractions since 2000. Our trend is stable: the federal funds rate was zero a year ago and is now closer to 5%. Risk assets must prove to be resilient at the beginning of March.
On the other hand, weekly on the S&P 500 and Bitcoin chart MA50 Stating that the moving average has turned into a resistance, the analyst said, as has been experienced since 2000. 50% off He added that although he does not expect a pullback, there may be decreases.