Bloomberg Intelligence senior macro strategist Mike McGlone says Bitcoin (BTC) is forming a bottom similar to 2018 under but very different macroeconomic conditions.
In a new interview with Scott Melker, McGlone compares Bitcoin’s recent rally into the $20,000 range to BTC’s bottom formation in 2018 at the $5,000 price level.
“We’re still pulling liquidity from the market on a global basis – an historical, unprecedented basis – for good reasons. And if equities go higher, if risk assets go higher, this liquidity is more likely to remain constrained from central banks.
So what I’m showing you is a chart, we see this potential island bottom developing around $20,000, the same way it did around $5,000 back in 2018. The big difference is what I show