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Bloomberg Senior Analyst Says “Bitcoin Could Be One of The Greatest Bull Markets in History”

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According to a Bloomberg expert, bitcoin has the potential to be one of the most successful bull markets in history.



Mike McGlone, a senior strategist, and an analyst at Bloomberg has said that he thinks Bitcoin might be one of the biggest bull markets in history at a comparatively discounted price to start the year’s second half. Or the cryptocurrency might be a failed experiment that is now being rendered obsolete, similar to crude oil. He remarked that the consensus is that the number of people using Bitcoin would most likely keep growing.

 

Before that, McGlone also talked about the outlook for crypto assets at the halfway point of the year; McGlone said that a common theme in cryptocurrencies is to embrace the bear and build a better financial system, particularly from the institutional perspective and with a longer-term focus, which is analogous to the bursting of the internet bubble in 2000-2002. He added that during the first half of the year, all risk assets were in the process of cleaning up their excesses.

 

 

The analyst brought in a chart comparing the Wilshire 5000 Total Market Index to the Gross Domestic Product of the United States and superimposed a curve depicting the total market capitalization of cryptocurrencies on top of it. He did this to provide a more comprehensive picture of what was happening. This graphic, which was made famous by Warren Buffett, illustrates the many levels of valuation that exist at any one time.

According to McGlone, the risk-to-reward ratio favors responsive investors in the second half of the year because the Bloomberg Galaxy Crypto Index is getting close to a drawdown that was similar to the bottom in 2018 and because Bitcoin’s discount to its 50- and 100-week moving averages is similar to previous foundations.

 

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Mark Brennan
Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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