Mike McGlone said – next 6 months will be better for the crypto market.
Mike believes that smart investors will use this situation as an opportunity for the second half and understand the rewards/risks of the second half during this time.
Instead of recovering from the decline for several days, the cryptocurrency market is going down further. In such a situation, well-known commodity strategist Mike McGlone has given his analysis about the mood of the market. Mike works as a Leading Strategist at Bloomberg Intelligence and has given a mid-year overview of cryptocurrencies, which has proven to be very important for crypto investors.
Mike McGlone equates the current state of cryptocurrencies to the stock market situation in 2000-2002. Mike has tried to explain his analysis through many tweets.
What Stops a #Commodity Inflation Bust? The #Fed, #Dollar, #China – If the typical commodity pattern pans out, the boom since the 2020 bottom may be in early days of a bust. A strengthening dollar, weakening China and emboldened Fed fighting inflation amid plunging global GDP…. pic.twitter.com/maAcd1N1RL
— Mike McGlone (@mikemcglone11) July 8, 2022
Bitcoin and Crypto Market Conditions Compared to 2018 Recession
Instead of recovering from the decline for several days, the cryptocurrency market is going down further. In such a situation, well-known commodity strategist Mike McGlone has given his analysis about the mood of the market. Mike works as a Leading Strategist at Bloomberg Intelligence and has given a mid-year overview of cryptocurrencies, which has proven to be very important for crypto investors.
Mike McGlone equates the current state of cryptocurrencies to the stock market situation in 2000-2002. Mike has tried to explain his analysis through many tweets.
He said that when the weak players of the market will leave from it and the market has been completely compressed, then the base of the market will be strong and it will be well established in the financial system. Mike McGlone said that in the first half of the year we have seen similar contraction of the market, after which it will be clear from inside as weak players will have exited from it.
Mike next compares the 2018 recession for bitcoin and the crypto market. This new asset class faced a similar downturn in 2018, when the price of bitcoin fell 75% from its all-time high. The $3000 level had become the lowest level for bitcoin at that time. After that in 2020, when the corona epidemic came, bitcoin once again reached a low of 3 thousand dollars.
Disclaimer: (The information provided here is for informational purposes only. It is important to mention here that investing in cryptocurrencies is subject to risks. Always consult an expert before investing money as an investor. Anyone from TechPe.in Investing money is never advised here.)