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The first cryptocurrency is forming a bottom in the same way as before the start of the bullish phase in 2019. The major difference is the tightening of monetary policy worldwide. This was stated by Bloomberg strategist Mike McGlone.
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Four years ago there was broad easing of interest rates by monetary authorities. At present they are still raising them, the expert said.
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“Then the ФРС had already begun loosening, and we held the bottom and moved higher. […] Right now they are aggressively tightening [policy]. Give Bitcoin some time. All in all, a bullish picture,” McGlone explained.
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The expert forecast that the Nasdaq Composite would fall below its 200-day moving average. This could delay the rally in digital gold.
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“Liquidity is still tightening. If the Nasdaq crashes, everything will collapse. Bitcoin will become a part of this [process],” the expert warned.
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According to McGlone, investors have entered an \”unprecedented\” environment — where bear-market rallies occur, and the Fed simply says: \”Sorry, we’re taking away the punch bowl [low interest rates] and we’re not giving it back\”.
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Analysts at Glassnode indicated a likely local top for Bitcoin.
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