Bloomberg Analyst Says Bitcoin Just Traded at Steepest Discount Ever – Here’s How BTC Can Reverse Course

Bloomberg Analyst Says Bitcoin Just Traded at Steepest Discount Ever – Here’s How BTC Can Reverse Course


Bloomberg Intelligence senior commodity strategist Mike McGlone says the crypto market crash recently reached extreme levels.

McGlone says Bitcoin (BTC) recently traded at the steepest discount since the computation of the flagship crypto asset’s 200-week moving average began.

“The steepest Bitcoin discount on September 20 since its 200-week moving average could be calculated shows the extremity of the crypto crash and risk vs. reward for shorts vs. potential resumption of the elongated upward trajectory.”

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According to the Bloomberg Intelligence strategist, the aggressive interest rate increases by the U.S. Federal Reserve offer a “good reason” for Bitcoin to reverse the downward spiral.

“Our graphic [below] shows a good reason for one of the best-performing assets in history to back – aggressive Federal Reserve rate hikes –

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