​Bloomberg analyst calls the condition for the resumption of bitcoin growth

What’s new? Bloomberg’s senior commodities strategist Mike McGlone has suggested that bitcoin is likely to resume growth and potentially outperform financial markets. The expert noted that BTC’s ability to rally will be affected by the US Federal Reserve System’s (Fed) move away from tight monetary policy. As of December 20, 15:50 UTC, BTC is trading at $16 950, having gained 1,55% overnight, according to Binance.

A Warm Spell Ahead: Bitcoin Crosses vs. Propensity to Outperform - The world's benchmark digital asset has taken a beating in 2022 with most others, but #Bitcoin appears poised to resume its inclination to outperform. When the #Fed pivots to easing... pic.twitter.com/87ze4l3Fqe — Mike McGlone (@mikemcglone11) December 19, 2022

What else did the strategist report? According to McGlone, despite the fact that “the world’s benchmark digital asset has taken a beating in 2022 with most others,” it is ready to lean toward outperforming growth again.

McGlone added that the global economy may continue to fall in 2023, but BTC is likely to grow and become more actively used as digital collateral. He noted that the digital asset’s correlation with the Nasdaq index could be a supporting factor in this matter.

The expert later wrote that bitcoin could regain its edge over Tesla as the BTC supply continues to shrink and the rising amount of tech company’s (TSLA) shares. McGlone expects the digital asset to rise over Tesla securities “if the rules of economics apply.”

Bitcoin Crosses, the Crypto Looks to Regain Upper Hand Over Tesla -- The near certainty of declining #Bitcoin supply vs. the rising amount of #Tesla shares outstanding favors outperformance by the crypto, if the rules of economics apply. pic.twitter.com/JNQVpOB6za — Mike McGlone (@mikemcglone11) December 19, 2022

In October, McGlone pointed to the slowing rise in commodity prices as a possible reason for the end of the bear market. Previously, the expert predicted that the “macroeconomic global winter” could last up to three years. At the same time, McGlone expects the crypto industry to become stronger than ever in the next few years, and by 2025, bitcoin will reach the $100 000 mark and Ethereum will reach $6000.