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Bloomberg strategist predicted BTC growth in the next six months

The price of bitcoin shows the same behavior as when forming the end of the bear market in 2018. Mike McGlone, senior commodities strategist at Bloomberg Intelligence, came to these conclusions.

The expert pointed to the discount of the current price of the first cryptocurrency to its moving averages for the 50-week and 100-week periods, as well as the size of the drawdown of the Bloomberg Galaxy Crypto Index from ATH.

In 2018, bitcoin fell from $16,000 in January to $3,200 by mid-December, only to return to $13,000 over the next six months.

The specialist noted that the digital asset market has come to the moment of truth.

“Bitcoin is on the verge of one of the greatest bull markets that will begin in the second half of the year. Or many will begin to admit that digital assets have become a failed experiment. We believe that the popularization of cryptocurrencies will continue,” McGlone said.

The expert compared the fall of the cryptocurrency market in the first half of the year with the “bursting dot-com bubble of 2000-2002”. The elimination of leverage was typical for all risky assets during this period, he added.

The specialist called it unlikely that the Fed will further increase the key rate by 75 bp. in the event that the rate of fall of the stock market recorded in January-June continues.

Recall that in June, McGlone predicted the consolidation of the first cryptocurrency in the status of an asset for savings.

In January, a Bloomberg strategist said that the price of digital gold could rise to $100,000 in 2022.

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My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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