Bloomberg analyst Mike McGlone says Bitcoin (BTC) prices have bottomed out. The senior commodities expert discusses BTC's soaring price movement and perspectives on the underlying price of the digital asset.
McGlone stated that the price of Bitcoin has been stuck and reached the base price or is in a bear bounce pattern, which is experiencing a rally in a bearish trend. He emphasized that Bloomberg believes BTC price movements have reached their lowest level in this cycle.
The analyst said there is a correlation between the base price of BTC in 2019 when it reached US$5K and the current pattern of price movements. An analysis of the crypto asset market in early 2023 must be preceded by an analysis of 2022 which is a tough year for crypto. 2022 was filled with macroeconomic headwinds.
These difficult conditions caused the price of crypto assets to fall and resulted in a number of exchanges and crypto companies experiencing a liquidity crisis and declaring bankruptcy.
The month of January 2023 was filled with growing optimism for the crypto industry. One of the things that investors are most concerned about is the strong rally shown by the number one crypto asset, namely BTC. By the end of 2022, the BTC price will be around US$15K. Now, the price of Bitcoin is trading at US$20,704 according to CoinGecko data.
Watcher Guru reports that BTC is trading above the US$20,500 price level consistently over the last five days. This makes crypto investors believe the bullish trend is back. Via Twitter, McGlone expressed his view that the latest BTC price movement corroborates the analysis that a bottom has been reached around US$15 thousand ago.
The current pattern of price action is similar to that of 2019 when BTC slumped to US$5K after hitting its all-time high at US$20K. Nevertheless, McGlone emphasized that the main difference now is that the US Federal Reserve is still implementing monetary policy tightening. This resulted in futures contracts for Federal funds increasing 3.5 percent.
McGlone argues that BTC's growth rate over the past few weeks shows the digital asset's strength against the Fed's interest rate increase. That power could become an important factor as the narrative shaping the crypto market and traditional stock market is shaped in the months to come.
Bloomberg analyst Mike McGlone says Bitcoin (BTC) prices have bottomed out. The senior commodities expert discusses BTC's soaring price movement and perspectives on the underlying price of the digital asset.
McGlone stated that the price of Bitcoin has been stuck and reached the base price or is in a bear bounce pattern, which is experiencing a rally in a bearish trend. He emphasized that Bloomberg believes BTC price movements have reached their lowest level in this cycle.
The analyst said there is a correlation between the base price of BTC in 2019 when it reached US$5K and the current pattern of price movements. An analysis of the crypto asset market in early 2023 must be preceded by an analysis of 2022 which is a tough year for crypto. 2022 was filled with macroeconomic headwinds.
These difficult conditions caused the price of crypto assets to fall and resulted in a number of exchanges and crypto companies experiencing a liquidity crisis and declaring bankruptcy.
The month of January 2023 was filled with growing optimism for the crypto industry. One of the things that investors are most concerned about is the strong rally shown by the number one crypto asset, namely BTC. By the end of 2022, the BTC price will be around US$15K. Now, the price of Bitcoin is trading at US$20,704 according to CoinGecko data.
Watcher Guru reports that BTC is trading above the US$20,500 price level consistently over the last five days. This makes crypto investors believe the bullish trend is back. Via Twitter, McGlone expressed his view that the latest BTC price movement corroborates the analysis that a bottom has been reached around US$15 thousand ago.
The current pattern of price action is similar to that of 2019 when BTC slumped to US$5K after hitting its all-time high at US$20K. Nevertheless, McGlone emphasized that the main difference now is that the US Federal Reserve is still implementing monetary policy tightening. This resulted in futures contracts for Federal funds increasing 3.5 percent.
McGlone argues that BTC's growth rate over the past few weeks shows the digital asset's strength against the Fed's interest rate increase. That power could become an important factor as the narrative shaping the crypto market and traditional stock market is shaped in the months to come.
Bloomberg analyst Mike McGlone says Bitcoin (BTC) prices have bottomed out. The senior commodities expert discusses BTC's soaring price movement and perspectives on the underlying price of the digital asset.
McGlone stated that the price of Bitcoin has been stuck and reached the base price or is in a bear bounce pattern, which is experiencing a rally in a bearish trend. He emphasized that Bloomberg believes BTC price movements have reached their lowest level in this cycle.
The analyst said there is a correlation between the base price of BTC in 2019 when it reached US$5K and the current pattern of price movements. An analysis of the crypto asset market in early 2023 must be preceded by an analysis of 2022 which is a tough year for crypto. 2022 was filled with macroeconomic headwinds.
These difficult conditions caused the price of crypto assets to fall and resulted in a number of exchanges and crypto companies experiencing a liquidity crisis and declaring bankruptcy.
The month of January 2023 was filled with growing optimism for the crypto industry. One of the things that investors are most concerned about is the strong rally shown by the number one crypto asset, namely BTC. By the end of 2022, the BTC price will be around US$15K. Now, the price of Bitcoin is trading at US$20,704 according to CoinGecko data.
Watcher Guru reports that BTC is trading above the US$20,500 price level consistently over the last five days. This makes crypto investors believe the bullish trend is back. Via Twitter, McGlone expressed his view that the latest BTC price movement corroborates the analysis that a bottom has been reached around US$15 thousand ago.
The current pattern of price action is similar to that of 2019 when BTC slumped to US$5K after hitting its all-time high at US$20K. Nevertheless, McGlone emphasized that the main difference now is that the US Federal Reserve is still implementing monetary policy tightening. This resulted in futures contracts for Federal funds increasing 3.5 percent.
McGlone argues that BTC's growth rate over the past few weeks shows the digital asset's strength against the Fed's interest rate increase. That power could become an important factor as the narrative shaping the crypto market and traditional stock market is shaped in the months to come.
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