Bloomberg Analyst Predicts Bullish BTC Recovery Over Next Six Months
BTC price could be set for a bullish rebound this year, says Bloomberg senior commodities strategist Mike McGlon, as the market is showing similar signs at the end of 2018.
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Bloomberg Senior Commodity Strategist Mike McGlone Hints Bitcoin (BTC) Price Will Rebound in the Second Half (2H) of 2022.
Sharing his thoughts with his 48,100 Twitter followers on July 6, McGlone saw positive signs in data from Bloomberg's Galaxy Crypto Index (BGCI) and BTC's 50-week and 100-week moving averages. He suggested that current indicators are showing similar signs to the bear market bottom in 2018, which preceded a strong rebound in the first half of 2019.
“With the Bloomberg Galaxy Crypto Index approaching a decline similar to the 2018 low and Bitcoin shrinking from its 50 and 100 week moving averages similar to past foundations, risk versus the reward leans towards reactive investors in 2H."< /p>
The BCGI is designed to measure the performance of the largest crypto assets to get a general view of the overall market performance. Moving averages show the average price of an asset over a specific period of time, such as 50 or 100 days.
Crypto Winter in 2018 was a tough time for BTC as the price fell from the region of $16,000 in January to a market low of around $3,200 in mid-December according to Coingecko data . However, after the carnage, BTC reached around $13,000 at the end of June.
McGlone predicts in a follow-up post that BTC is either on track for “one of the biggest bull markets in history at a relatively low price to start 2H” or the data shows that the market for crypto is starting to fail and scare away investors.
“Our bias is [that] Bitcoin adoption is more likely to continue to grow,” he said.
#Bitcoin could be one of the biggest bull markets in history at a relatively low price to start 2H. Or crypto can be a failed experiment being redundant, like
BTC price could be set for a bullish rebound this year, says Bloomberg senior commodities strategist Mike McGlon, as the market is showing similar signs at the end of 2018.
New
Bloomberg Senior Commodity Strategist Mike McGlone Hints Bitcoin (BTC) Price Will Rebound in the Second Half (2H) of 2022.
Sharing his thoughts with his 48,100 Twitter followers on July 6, McGlone saw positive signs in data from Bloomberg's Galaxy Crypto Index (BGCI) and BTC's 50-week and 100-week moving averages. He suggested that current indicators are showing similar signs to the bear market bottom in 2018, which preceded a strong rebound in the first half of 2019.
“With the Bloomberg Galaxy Crypto Index approaching a decline similar to the 2018 low and Bitcoin shrinking from its 50 and 100 week moving averages similar to past foundations, risk versus the reward leans towards reactive investors in 2H."< /p>
The BCGI is designed to measure the performance of the largest crypto assets to get a general view of the overall market performance. Moving averages show the average price of an asset over a specific period of time, such as 50 or 100 days.
Crypto Winter in 2018 was a tough time for BTC as the price fell from the region of $16,000 in January to a market low of around $3,200 in mid-December according to Coingecko data . However, after the carnage, BTC reached around $13,000 at the end of June.
McGlone predicts in a follow-up post that BTC is either on track for “one of the biggest bull markets in history at a relatively low price to start 2H” or the data shows that the market for crypto is starting to fail and scare away investors.
“Our bias is [that] Bitcoin adoption is more likely to continue to grow,” he said.
#Bitcoin could be one of the biggest bull markets in history at a relatively low price to start 2H. Or crypto can be a failed experiment being redundant, like
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