The first cryptocurrency is bottoming in the same way as it did before the start of the bullish phase in 2019. The essential difference lies in the tightening of monetary policy in the world. This was stated by Bloomberg strategist Mike McGlone.
Four years ago there was a widespread reduction in interest rates by monetary regulators. At the moment they are still increasing them, the specialist said.
“Back then, the Fed had already started easing, and we held the bottom and broke higher. […] Right now they’re aggressively tightening up [политику]. give him [биткоину] a little time. In general, yes, a bullish picture, “ McGlone explained.
The expert predicted the departure of the Nasdaq Composite index below the 200-day moving average. This may delay the rise in the price of digital gold.
“Liquidity is still shrinking. If the Nasdaq collapses, everything will fall apart. Bitcoin will be part of it [процесса]»,the specialist warned.
Investors have entered an “unprecedented” environment, McGlone said, with bear market bounces and the Fed just saying, “Sorry, we’re taking the punch bowl.” [низкие процентные ставки] and we won’t get it back.”
Recall, Glassnode analysts indicated on the likely achievement of a local maximum of bitcoin.
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