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Bloomberg’s senior commodity strategist, Mike McGlone, predicts that the coming six months are going to be bullish for Bitcoin.
After almost eight months of negative sentiment and huge tanks in Bitcoin price, the analyst tells his Twitter audience that Bloomberg’s Galaxy Crypto Index, is resembling that of the 2018 market bottom.
“With the Bloomberg Galaxy Crypto Index nearing a similar drawdown as the 2018 bottom and Bitcoin’s discount to its 50- and 100-week moving averages similar to past foundations, risk vs. reward is tilting toward responsive investors in 2H.”
According to McGlone, the crypto market is currently resembling the internet bubble of the early 2000s and the analyst sees a similar cycle playing out, with the weaker brothers being taken out. Once the market has been “cleaned up”, the trend upwards can commence, he said:
“Midyear outlook [on] crypto assets – A common theme in cryptos is to embrace the bear and build a better financial system, notably from the institutional and longer-term focused, akin to 2000-02’s bursting internet bubble. Purging the excesses was the state of all risk assets in 1H.”
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Two weeks ago, SEC Commissioner Hester Pierce, also known as Crypto Mom in the community, said to oppose bailouts in the crypto industry as this will indeed make the industry stronger.