Mike McGlone, chief commodity strategist at Bloomberg, said that the second half of this year could be the time for Bitcoin (BTC) to shine.
Mike McGloneto monitor overall market performance on Twitter of the biggest cryptocurrencies reflecting a basket of Galaxy Crypto Index’s 2018 bear market since the bottom reflect general market behavior explained:
The risk-reward ratio is likely to appeal to investors in the 2nd half, with the Bloomberg Galaxy Crypto Index approaching a similar bottom to the 2018 bottom and Bitcoin falling below the 50- and 100-week moving averages in a similar fashion to the past drop.
McGlone, the current state of the crypto market, 2000in the early ‘s To the dotcom bubble explained that he did. According to the analyst, before the market reverses balloon projects will be removed from the market that a similar cycle is taking place and a long-term uptrend He stated that he thought we entered:
Mid-year overview: The common theme in cryptos is to embrace bear markets and build a better institutional and long-term financial system, especially similar to the bursting Dotcom bubble of 2000-2002. The first half was spent clearing bubbles for all risky assets.
Many crypto investors believe that the Federal Reserve (Fed) with high-interest monetary policy digital assets from the suppression potential while hesitating McGlonethen the Fed, may have to switch to a low interest policy again in case the stock market weakens. it states.
Mike, of the S&P 500 past feedback Relative Strength Index (RSI) by sharing a chart showing the relationship with that today’s outlook is similar to other flashbacks That’s why he said he’s waiting for a new comeback. S&P 500‘Fame bitcoin For Bitcoin, considering its relationship with of the uptrend He said he believed he wasn’t far away.