Mike McGlone, Senior Commodity Analyst at Bloomberg Intelligence , as market strategists detailed on Monday, “Bitcoin appears poised to resume its outperforming trend.” It follows his earlier prediction that it appears to be “completed.”
Mike McGlone believes cryptocurrency’s “warm spell” is on the card, and bitcoin’s value will rise if the “Federal Reserve turns toward easing.”
Mike McGron Confident in Bitcoin’s Value Some healing is in store, as he recently tweeted about a ‘warm spell’ on Monday. McGlone’s comment details that “what used to be 1:1 bitcoin vs. Nasdaq 100 stock index resistance may be moving into support.” McGlone also shared a chart showing that “cryptocurrency prices are circumventing stock index level limits in Q4 2020 on the back of unprecedented fiscal and monetary stimulus.”
Now McGlone states what has been consistent for most of the history of benchmark cryptography. He’s “Relative Risk Reduction to Equity Indices”. “Bitcoin’s annual volatility at the end of 2022 is comparable to his 4x at the end of 2021,” continues the market strategist. A senior commodities analyst at Bloomberg added:
Next year, the question may be how much the global economy will fall. Risk versus reward appears to be against under-allocating or estimating the trend of Bitcoin continuing its trajectory toward becoming digital collateral.
Bitcoin crosses and cryptocurrencies appear to dominate Tesla — #Bitcoin supply decline and #Tesla A near-certain increase in the volume of stocks will show excellent favorable performance by cryptocurrencies when the rules of the economy apply. pic.twitter.com/JNQVpOB6za
— Mike McGlone (@mikemcglone11) Dec 19, 2022
Dec 11, 2021 That was $69,044 per unit, 75% lower than the all-time high (ATH) for crypto assets reached on March 10. Over the past 14 days,BTC has fallen 2.3% against the US dollar, and since the start of November 2022,BTC has fallen 16.5% against the US dollar after the collapse of FTX Did. Bitcoin has a market capitalization of approximately $322 billion, which is 38.2% of the $843 billion crypto economy.
McGlone suggests that Bitcoin’s boom won’t come to fruition until the US Federal Reserve turns around to ease monetary policy. “A warm spell awaits,” added McGlone. “Bitcoin Cross vs. Trends to Outperform – Global Benchmark Digital Assets Beat Most Others in 2022, But Bitcoin Poised to Resume Outperforming Trends Looks like it’s all set. When the Fed pivots to easing,” McGlone’s tweet concludes.
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