Bloomberg Analyst Says Bitcoin Bottoming Out Like 2018 Amid ‘Unprecedented’ Macro Climate

Bloomberg Analyst Says Bitcoin Bottoming Out Like 2018 Amid ‘Unprecedented’ Macro Climate


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.

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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

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