Bloomberg senior strategist points to a possible reason for the end of the bear market
According to Mike McGlone, the slowing rise in commodity prices may indicate this
06.10.2022 - 09:00
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What’s new? Bloomberg’s senior commodity strategist Mike McGlone believes that the peak values of commodity prices may indicate that the bottom of bitcoin’s value has been reached. He reported this in a publication on the business social network LinkedIn.
Publication on the LinkedIn website
What other statements have been made? McGlone believes that commodities have reached a sustained peak. He stressed that they are the only asset class to show growth in the first half of the year. When this trend reverses, bitcoin, Ethereum, and the Bloomberg Galaxy Crypto Index (BGCI) will again outperform most assets.
BGCI was created by Bloomberg jointly with investment firm Galaxy Digital and is designed to reflect the state of the cryptocurrency market. The index basket includes assets such as BTC, ETH, XRP, BCH, EOS, LTC, DASH, XMR, ETC, and ZEC.
An obstacle could be the fact that many central banks are raising interest rates. However, McGlone also sees the potential for the first cryptocurrency to move into the category of risk-off assets, such as gold and US Treasuries, in the second half of the year. The expert added that since 2014, October has been the best month for bitcoin, with an average growth of about 20% during that period.
As of October 6, 08:30 UTC, BTC is trading at $20 159, having gained 0,42% in 24 hours, according to cryptocurrency exchange Binance.
Earlier, McGlone predicted that the “macroeconomic global winter” could last up to three years. At the same time, he expects the cryptocurrency industry to become stronger than ever in the next few years, and by 2025, bitcoin will hit the $100 000 mark and Ethereum the $6000 mark.
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