E Point Perfect – Interesting and beneficial content

Bitcoin May Be Entering Unstoppable Maturation Stage: Bloomberg’s Chief Strategist


article image

Yuri Molchan

Bloomberg’s chief strategist has named factors in favor of Bitcoin this year


Mike McGlone, chief commodity strategist of Bloomberg, reckons that Bitcoin may have bottomed out and is showing divergent strength. In September, he tweeted that Bitcoin was going at a discount, when the Federal Reserve made yet another interest rate hike.

“Unstoppable maturation stage” for Bitcoin

McGlone believes that Bitcoin may be entering an “unstoppable maturation stage” at the moment. According to the screenshot, BTC is showing the lowest ever volatility versus the Bloomberg Commodity Index now.

The screenshot from a Bloomberg Intelligence report on oil and BTC says that Bitcoin may confirm its status as a risk-off asset this year as it has been more or less resistant to the chain of Fed interest rate hikes this year and continues to trade in the $19,000-$20,000 range.

Basically, the report repeated what McGlone has shared on his Twitter handle before: Bitcoin is pretty strongly tied up with the stock market and the U.S. economy overall. Last weekend, BTC demonstrated a pretty low level of volatility, which was likely as the market was waiting for S&P 500 index trading to open.


Bitcoin price action

After the aforementioned BTC rise, when the asset’s price went up to hit the $19,800 zone, it then managed to hold close to that level during the next couple of days, recovering to $19,600 on Oct. 18.

However, at the time of this writing, the digital gold has seen its price drop to the $19,220 price mark.


Source link

Related posts

SHIB Worth $150 Million Settled in 1,000 Biggest ETH Whales’ Pockets

Bitcoin Scores Its Best Month of 2022; Is Crypto Winter Over?

Metamask Warns of New Exploit, Here’s What It’s All About

MicroStrategy Grabs Another 480 Bitcoins, Now Holding 129,699 BTC

Here’s How ETH Price Might Forge Ahead, Per Three Valuation On-chain Indicators

Crypto Market Review, August 8