AD
2024-07-07 18:24:45 +0300

Bitcoin Could Be The Greatest Bull Market In History: Bloomberg Analyst

Logo Benzinga
Benzinga
By Murtuza Merchant

Bitcoin BTC/USD, the worlds largest digital currency by market capitalization, could be the greatest bull market in history at a relatively discounted price to start the second half of 2022.

AD
AD

That's according to Bloomberg analyst Mike McGlone. With the Bloomberg Galaxy Crypto Index (BGCI) nearing a similar drawdown as the 2018 bottom and BTCs discount to its 50 and 100-week moving averages similar to past foundations, the risk versus reward is tilting toward responsive investors in the second half of the year, he explained.

BGCI measures the performance of large crypto assets to ascertain a general view of the market. During the bear market of 2018, BTC had nose-dived from $16,000 levels in January to nearly $3,000 levels by December. Over the next six months, the digital currency spiked up to $13,000 once again, according to data from Coingecko.

BTC is currently trading at $20,350 after making a low of $19,983 in the last 24 hours. That's a far cry from the high of $48,234 level seen in March this year, according to Coinmarketcap.

BTC could be one of the greatest bull markets in history, or the crypto may be a failing experiment in the process of being made redundant, like Crude Oil,McGlone explained.

Continue read on benzinga.com

AD
Logo Cointelegraph
CryptocurrenciesBy Cointelegraph Brian Quarmby2024-07-07 08:25:36 +0300
Bloombergs senior commodity strategist Mike McGlone is tipping that the price of Bitcoin (BTC) will rebound in the second half (2H) of 2022. Sharing his...

Logo Investing.com
CryptocurrenciesBy Coin Quora2024-07-08 12:30:33 +0300
© Reuters Bitcoin Will Rise by Second Half of 2022: Says Analyst Mike McGlone predicts that Bitcoin will rise in the second half of 2022. He stated that the...

Logo The Daily Hodl
CryptocurrenciesBy Daily Hodl Staff2024-07-06 22:55:56 +0300
Bloomberg’s lead commodities strategist says that the second half of this year could be Bitcoin’s (BTC) time to shine, after nearly eight months of bearish...

Logo The Daily Hodl
CryptocurrenciesBy Daily Hodl Staff2024-07-08 21:05:09 +0300
Senior Bloomberg analyst Mike McGlone is forecasting a risk vs reward reversal for Bitcoin (BTC) and the crypto markets. McGlone says BTC could either be one...

Logo Investing.com
CryptocurrenciesBy Cointelegraph2024-07-07 10:00:18 +0300
Bloomberg analyst tips bullish BTC recovery in next six months Bloomberg’s senior commodity strategist Mike McGlone is tipping that the price of Bitcoin...

Logo Cointelegraph
Bitcoin ( BTC ) rallied to the 200-week moving average on July 8, a level that could act as a battleground between the bulls and the bears. Several analysts...

Logo The Daily Hodl
CryptocurrenciesBy Daily Hodl Staff2024-06-21 22:55:33 +0300
Bloomberg’s senior commodity strategist Mike McGlone says a new deflationary period may be arriving to the financial landscape, from which Bitcoin (BTC) and...

Logo Investing.com
CryptocurrenciesBy Cointelegraph2024-07-09 00:20:17 +0300
Price analysis 7/8: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, AVAX Bitcoin (BTC) rallied to the 200-week moving average on July 8, a level that could...

Logo The Daily Hodl
CryptocurrenciesBy Daily Hodl Staff2024-06-19 10:04:03 +0300
Bloomberg’s closely followed commodities analyst Mike McGlone says that the $20,000 range for Bitcoin may act as the new price floor, similar to $5,000 in...

Logo Benzinga
MarketsBy Michael Cohen2024-07-09 19:41:27 +0300
Benzinga has examined the prospects for many investors' favorite stocks over the past week, while offeringa 24/7 news feed, live chat and charting software...

Logo Benzinga
CryptocurrenciesBy Bibhu Pattnaik2024-06-19 18:59:07 +0300
Cryptocurrency Bitcoin BTC/USD plunged to $17,708.62 on Saturday, and began retracing its way back to $20,000 on Sunday. BTC rose by4.20% in 24 hours and was...

Logo Investing.com
CryptocurrenciesBy Coin Quora2024-06-27 15:00:33 +0300
© Reuters. Bitcoin Sees 23.04% Increase, Going for a Bull Run? Bitcoin is slowly moving higher above the $21,000 zone against the US dollar. Bitcoin price is...

Logo ETF Trends
MarketsBy Tom Lydon2024-07-07 15:21:56 +0300
With bitcoin struggling to maintain the psychologically important $20,000 price point, its not surprising that bitcoin miners were among the most repudiated...

Logo Cointelegraph
Bear markets have historically been challenging to navigate for traders and the conventional set of reliable indicators that determine good entry points are...

Logo Benzinga
MarketsBy Simran Alphonso2024-06-22 15:07:38 +0300
Bitcoin BTC/USD is down 4% in the past 24 hours after trading around the $21,500 level yesterday. As reported previously, the bull trap that pumped BTC from...

Logo Investing.com
CryptocurrenciesBy Coin Quora2024-06-23 12:30:34 +0300
© Reuters. BTCs Price Breaches the 9 and 20 EMA Lines on Trading Chart Bitcoin (BTC) could experience a brief rally before establishing a new bottom that...

Logo Investing.com
CryptocurrenciesBy Daily Coin2024-06-17 15:30:52 +0300
It May Take a While, but Bitcoin Will Lead the Markets in Recovery Mike Novogratz Despite the unprecedented crypto crash experienced so far in 2022, Bitcoin...

Logo Coinpedia - Fintech & Cryptocurreny News Media
CryptocurrenciesBy Nidhi Kolhapur2024-06-21 12:37:08 +0300
In the last 24 hours, Bitcoin has regained 5.9% to $21,173, while Ethereum has recovered 6.9 percent to $1147. When Bitcoin fell to its lowest level of...

Logo Investing.com
CryptocurrenciesBy Coin Quora2024-06-22 15:00:33 +0300
© Reuters Will Bitcoin Hit $13,000? A Strategist Seems to Thinks So Ian Harnet believes that bitcoin is likely to fall 80% during past bear markets. If so,...

Logo ETF Database
MarketsBy Tom Lydon2024-07-07 16:23:00 +0300
With bitcoin struggling to maintain the psychologically important $20,000 price point, its not surprising that bitcoin miners were among the most repudiated...