Mike McGlound: “Bitcoin formed the bottom by analogy with 2018 year " – Bits Media

Bloomberg senior strategist Mike McGlone counts, that the bottom in the cryptocurrency market has already been passed. He noted, that the graphs resemble the situation in 2018 year, although the macroeconomic situation is completely different.

During an interview with a cryptocurrency analyst and blogger Scott Melcher (Scott Melker) Mike McGlound (Mike McGlone) compared the current growth of bitcoin above $20 000 With graphs 2018 of the year, when the course of the first cryptocurrency pushed away from $5 000. 

but, emphasized the strategist Bloomberg Intelligence, Bitcoin growth may dwell on current values. The case is in the macroeconomic situation. So, Nasdaq index can continue to fall, And in recent years, the correlation between bitcoin and the stock market is very significant.

“We still draw liquidity from world markets, And there are reasons for this. And even if promotions and other risky assets will grow, Liquidity will remain limited by central banks. Great difference with 2018 year in that, that then the Fed has already began to soften its policy, And today we do not see softening.

Look at NASDAQ-the schedule is preparing to break through a 200-week sliding medium. This happened only 3 once in history and always the Fed softened its policy. But now the US Central Bank aggressively tightens monetary policy. The overall picture is optimistic for bitcoin, But now an unprecedented situation, Therefore, everything can happen, anything", - said McGlone.

Previously, McGlone spoke, that still believes in the success of BTC and ETH.