Bloomberg analyst: Bitcoin’s current trend has one key difference from 2018

Mike McGlone, a senior analyst at Bloomberg, said that Bitcoin’s price floor could be formed in the same way it was seen before the start of the bull market in 2019, but the current trend is fundamentally different from that era.

To the report Kevin Telegraph, McGlone has recently said in an interview with Scott Melker that unlike in 2018, when financial institutions influencing the world economy, such as the US Central Bank, were lowering interest rates, this time they are increasing interest rates and following policies They are contractionary money.

He said about this:

At that time (2018), the US central bank had already started to cut bank interest rates, Bitcoin kept its price floor and started to grow until that happened in 2019 (referring to the corona virus epidemic). Around the World). Now, however, they are raising interest rates at a remarkable pace, and with that in mind, you can’t be too excited about the future of any market. Give the market some time. I think the long-term outlook for Bitcoin is really bullish.

McGlone warned that bitcoin may not see the price growth he predicted for it in the short term, citing the challenging economic conditions of the world and the continued increase in bank interest rates.

He says that there is a possibility that the Nasdaq stock market index (Nasdaq) will fall below its 200-day moving average, and he considers this possible event as a sign that the beginning of the definitive upward trend of Bitcoin is not close.

Bloomberg analyst says:

We are still witnessing the outflow of liquidity from the market and if the Nasdaq stock index [به زیر میانگین متحرک ۲۰۰ روزه خود] If it falls, other markets will fall too, and Bitcoin will be one of them. I still think the bear market is going to continue and that’s why I have such views.

He added:

I still think we are in the midst of the biggest economic reset of our lifetime. We had an event like the corona virus pandemic, which happens once every hundred years, we are experiencing a historic war in Europe, and we have a historic change in China’s political leadership.