Bloomberg senior analyst Mike McGlone suggested that Bitcoin (BTC) may display a historical bullish performance in the current October.
In a report published on October 5, Mike McGlone stated that Bitcoin has exhibited since 2014. best performance He stated that he will reveal it this October. McGlone said that the rise in interest rates globally is putting downward pressure on most major assets. Tesla Compared to commodities and technology stocks such as got the upper hand told. Strategist, When the data is examined since 2014, Bitcoin’s especially in October He underlined that he exhibited bullish movements. In this October, a serious positive divergence between Bitcoin and traditional stock markets is expected. strategist His report included the following statements:
As the economic volatility continues, we see the continuing trend of Bitcoin, Ethereum and the Bloomberg Galaxy Crypto Index to outperform most major assets.
Drawing attention to the long-standing horizontal movement on cryptocurrencies, McGlone said that cryptocurrencies compared to commodities in a possible movement period. more likely to recover suggested. Reiterating his positive expectation of Bitcoin for the second half of 2022, the strategist said that Bitcoin “It has evolved to become an inflation hedged asset like gold and the U.S. Treasury.” he stated.
However, when the gold relationship of Bitcoin is examined, the highest correlation of the last 1 year appears to have been reached. Thinking that this correlation will increase the confidence on Bitcoin, McGlone has been on cryptocurrencies as of October. positive moves highlights that it can be seen.
