{"id":9821,"date":"2023-01-17T07:35:52","date_gmt":"2023-01-17T07:35:52","guid":{"rendered":"http:\/\/cryptoheretostay.com\/?p=9821"},"modified":"2023-01-17T07:35:53","modified_gmt":"2023-01-17T07:35:53","slug":"btc-forming-bottom-akin-to-2018-with-one-key-difference-bloomberg-analyst","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=9821","title":{"rendered":"BTC forming bottom akin to 2018 with one key difference: Bloomberg analyst"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Mike McGlone, Bloomberg&#8217;s senior commodity strategist, believes Bitcoin (BTC) could be developing a\u00a0 \u201cbottom\u201d in the same way it did prior to 2019\u2019s bull run but said there is a major difference this time around.<\/p>\n<p>During a Jan. 16 interview with crypto podcaster Scott Melker, McGlone argued unlike in 2018 when financial institutions such as the Federal Reserve were easing interest rates, this time they\u2019re still tightening, along with \u201cevery central bank.\u201d<\/p>\n<p>\u201cBack then the Fed already started easing and we held the bottom and broke out higher and then we had that issue in 2019,\u201d he said. <\/p>\n<p>\u201cRight now they&#8217;re tightening aggressively, so you look at that and you can\u2019t be too excited about any markets. Give it some time. Big picture, yes, really bullish Bitcoin,\u201d McGlone added. <\/p>\n<p><em>Graph showing Bitcoin market prices. Image:\u00a0Mike McGlone<\/em><\/p>\n<p>McGlone also warned BTC might not see the surge being predicted just yet, as there are challenging macroeconomic conditions and pressure from interest-rate hikes.\u00a0<\/p>\n<p>He believes the Nasdaq is likely to dip below its 200-week moving average, which he claims is another indication BTC\u2019s price rally may not happen soon.<\/p>\n<p>\u201cLiquidity is being pulled away still and if the Nasdaq breaks down, everything breaks down, Bitcoin is going to be part of it.\u201d<\/p>\n<p>\u201cI still think it\u2019s going to come out ahead so to me that\u2019s where we stand,\u201d he added. <\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Arthur Hayes: Bitcoin bottomed as \u2018everyone who could go bankrupt has gone bankrupt\u2019<\/em><\/strong><\/p>\n<p>McGlone also said the market has entered an \u201cunprecedented\u201d environment, \u201cwhere we\u2019re having bounces in what we know are bear markets and the Fed just says, sorry we\u2019re taking the punchbowl away, we&#8217;re not giving it get back to you.\u201d<\/p>\n<p>\u201cI still think we\u2019re in the midst of the biggest macroeconomic reset of our lifetimes, we just had a 100-year event in terms of the pandemic, we\u2019re having a historic war in Europe and we\u2019re having a historic shift in political leadership in China,\u201d he added. <\/p>\n<p>\u201cI mean it\u2019s going back to the days of the Soviet Union when you have one leader and are expecting to be economically viable.\u201d<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/btc-forming-bottom-akin-to-2018-with-one-key-difference-bloomberg-analyst\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mike McGlone, Bloomberg&#8217;s senior commodity strategist, believes Bitcoin (BTC) could be developing a\u00a0 \u201cbottom\u201d in the same way it did prior to 2019\u2019s bull run but said there is a major difference this time around. During a Jan. 16 interview with crypto podcaster Scott Melker, McGlone argued unlike in 2018 when financial institutions such as [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":9822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-9821","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9821","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9821"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9821\/revisions"}],"predecessor-version":[{"id":9823,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/9821\/revisions\/9823"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/9822"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9821"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9821"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9821"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}