Commodity Strategist Mike McGlone Says BTC, ETH Seems To Have ‘Completed Their Massive Draws’

Bloomberg Intelligence senior commodity analyst Mike McGlone recently wrote that “cryptocurrency could regain [an] edge” as he discussed bitcoin and ethereum in a report published on the device. terminal by Bloomberg on November 3, 2022. McGlone detailed that the volatility of bitcoin and ethereum has fallen to lows relative to traditional assets and that the trend could be “risk-on-risk-skewed” who do not accumulate partial crypto exposure.”

Mike McGlone Thinks Bitcoin and Ethereum Could Bottom, Says ‘Cryptos May Regain A Competition’

According to Mike McGlone, senior commodity strategist at Bloomberg Intelligence, leading crypto assets like bitcoin (BTC) and ethereum (ETH) may have found a bottom in terms of traditional risky investments. McGlone published his views on the crypto market on November 3, 2022, and he noted that ethereum will likely be in the $1K to $2K range but could outpace bitcoin’s market performance.

The Bloomberg analyst writes in a report titled “Did Ethereum at $1,000 Mark the Bottom? Cryptos can get Edge back. “

This month, Bloomberg Intelligence senior commodity strategist Mike McGlone discussed commodities like gold and platinum and he also offered his views on bitcoin and ethereum. “Gold… has hit new highs in euro and yen in 2022. Similar highs for gold in dollar terms are often a matter of time, and we see the precious metal as a leading contender. among the first metals to bottom, McGlone explained in his commodities report.

McGlone has been bullish on top crypto assets BTC and ETH for a long time, and in the first week of October, the senior commodity strategist emphasized that both leading crypto assets head will be “better than most major assets”. Sharing his outlook for late October, he noted that BTC is “entering an irreversible phase of its move into the mainstream.”

The analyst added that crypto assets may be close to bottoming out as the top crypto assets “seem to have completed the majority of their withdrawals as the Federal Reserve focuses on assets.” other assets such as stocks in an attempt to stave off inflation.” McGlone pointed out that compared to traditional assets, bitcoin and ethereum have significantly less volatility. Senior Commodity Strategist wrote:

The volatility of bitcoin, ethereum, and the Bloomberg Galaxy Crypto Index have fallen to lows relative to most other assets, which could tilt the risk against those not accumulating a fraction of the cryptocurrency.

‘Fed sledgehammer can build foundation for precious metals’

In his November commodity analysis, McGlone said he also believes gold is likely to perform well as the US Federal Reserve decides to pivot to the restrictive monetary policy it has implemented for five months. via. “The Fed sledgehammer may be building the foundation for precious metals,” McGlone commented in his commodities outlook.

“The Fed’s most aggressive tightening cycle in about 40 years is unlikely to stop until something breaks, and bond prices and most currencies plummet against the dollar,” said McGlone. la can foretell a match coming to an end.

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