Lead commodity strategist at Bloomberg Intelligence Mike McGloneshared his comments on the current developments in the financial markets. According to McGlone’s comment, Bitcoin is still in a bull cycle but this cycle has gotten too long and therefore its price has only a low price tag.
According to its leading analyst, bitcoinEvidence that is in a bull cycle can be evidenced by consolidation with the steepest cut at its 100-week moving average. McGlone backs up his claim with a chart that shows Bitcoin to last around $300 in 2015 and then around $5,000 in early 2019.
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
The strategist stated that he is relying on crude oil price levels in addition to Bitcoin in his predictions. McGlone stated that it was the rapid rise in energy prices in the first half of the year that intensified the Fed’s fight against inflation and put pressure on the riskiest assets. When all these things subside, cryptocurrency He thinks prices should show a recovery.
While the market looked more lively this morning, the critical $3,900 level on the S&P500 was broken, bringing the cryptocurrency market closer to further decline.
Bitcoin dominance momentarily reached 38.9%, thus renewing its January 2022 low. Most likely, this drop is due to the shift to PoS, which has caused investors to shift to Ethereum. The main altcoin in the market has not escaped the fate of the entire market, but continues to trade in the green zone.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.