Bitcoin (BTC) and crypto- notable for its analysis of the market Mike McGlone, senior strategist at Bloomberg Intelligence He made important statements about BTC and its price.
In a recent interview with Scott Melker, McGlone compared Bitcoin’s latest rally to the $5,000 bottom formation in 2018.
Noting that Bitcoin may be developing a bottom just like it did in 2018, the famous analyst said that there is a big difference this time.
McGlone, FED He argued that unlike 2018, when financial institutions such as the FED and central banks continued to tighten interest rates together, they are now tightening.
“I’m showing you a chart where we see the potential bottom develop around $20,000, the same bottom formation was around $5,000 in 2018.
The data I’m showing you in the white circles is the biggest difference between the two years.
It was then that the Fed started to loosen and we found the bottom. After that, the rise started.
But the Fed and central banks are tightening up aggressively right now, so you can’t get too excited about any given market if you look at it. It takes some time and focus on the big picture.
And Bitcoin is really going up.”
McGlone said that the Fed’s policy of increasing interest rates, which put downward pressure on risky assets, and challenging macro conditions. BTCHe warned investors that the rally could not continue.
In this context, the analyst bitcoinAn indication that the rally of will not continue is that BTC was highly correlated last year. NASDAQ said that.
Stating that the NASDAQ will probably fall below the MA 200, McGlone argued that this will also affect Bitcoin.
“Liquidity is still withdrawing, and if the NASDAQ breaks down, Bitcoin will be a part of it.”
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