Bloomberg strategist: Bitcoin will “get out of the downturn” and usher in a recovery in the second half of the year

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Bloomberg strategist: Bitcoin will “get out of the downturn” and usher in a recovery in the second half of the year
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Despite the continued downturn in the cryptocurrency market, Bloomberg Senior Commodity Strategist Mike McGlone is still optimistic that Bitcoin will come out of the decline and perform even stronger in the second half of the year.

Mike McGlone said in the latest issue of commodities report, “Bitcoin may show a rapid catch-up trend in the second half of the year.” He pointed out that the sharp decline in global financial markets this year is like the stock market crash triggered by the Federal Reserve’s aggressive rate hike in 1987.

Mike McGlone says:

Bitcoin’s performance may turn around in the second half of the year. Today’s declines in commodities, copper’s biggest drop since 2008, futures markets bottoming out near their 50-week moving averages, and a rout in cryptocurrencies are similar to what the Fed rate hike did to stocks in 1987 .

Mike McGlone also mentioned that the Nasdaq resumed its upward trend shortly after the stock market crashed in 1987. It can be seen from this that there is usually a sharp bear market rebound after the market crash. If history can be used as a reference, then the strength of Bitcoin Recovery is just around the corner. Mike McGlone continued,

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Bitcoin has been the fastest-rising dark horse since its inception, and we expect to see growth over the next decade as well. In particular, Bitcoin can also become a global collateral tool like gold and treasuries.

Mike McGlone added that low volatility is also a positive for Bitcoin.

This article Bloomberg Strategist: Bitcoin will “get out of the downturn” and usher in a recovery in the second half of the year. The first appeared in the blocker.

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