{"id":72663,"date":"2023-01-17T19:44:12","date_gmt":"2023-01-17T17:44:12","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72663"},"modified":"2025-09-09T09:39:01","modified_gmt":"2025-09-09T06:39:01","slug":"analyst-sees-parallels-between-bitcoins-bottom-formation-and-2018","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/analyst-sees-parallels-between-bitcoins-bottom-formation-and-2018\/","title":{"rendered":"Analyst sees parallels between Bitcoin\u2019s bottom formation and 2018"},"content":{"rendered":"<p>\\n<\/p>\n<p>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.<\/p>\n<p>\\n\\n\\n\\n<iframe loading=\\\"lazy\\\" src=\\\"https:\/\/www.youtube.com\/embed\/2668ldqyOFc\\\" title=\\\"How Hard Will The Recession Hit The Economy And Your Pockets? | Mike McGlone &#038; Dave Weisberger\\\" allow=\\\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\\\" allowfullscreen=\\\"\\\" width=\\\"1903\\\" height=\\\"764\\\" frameborder=\\\"0\\\"><\/iframe>\\n\\n\\n\\n<\/p>\n<p>Four years ago there was broad easing of interest rates by monetary authorities. At present they are still raising them, the expert said.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>&#8220;Then the <span data-descr=\\\"U.S. Federal Reserve\\\" class=\\\"old_tooltip\\\">\u0424\u0420\u0421<\/span> had already begun loosening, and we held the bottom and moved higher. [\u2026] Right now they are aggressively tightening [policy]. Give Bitcoin some time. All in all, a bullish picture,&#8221;<\/em> McGlone explained.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>The expert forecast that the Nasdaq Composite would fall below its 200-day moving average. This could delay the rally in digital gold.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>&#8220;Liquidity is still tightening. If the Nasdaq crashes, everything will collapse. Bitcoin will become a part of this [process],&#8221;<\/em> the expert warned.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>According to McGlone, investors have entered an \\&#8221;unprecedented\\&#8221; environment \u2014 where bear-market rallies occur, and the Fed simply says: \\&#8221;Sorry, we\u2019re taking away the punch bowl [low interest rates] and we\u2019re not giving it back\\&#8221;.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Analysts at Glassnode<a href=\"https:\/\/forklog.com\/en\/news\/glassnode-flags-a-probable-local-maximum-for-bitcoin\"> indicated<\/a> a likely local top for Bitcoin.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The leading cryptocurrency is forming a bottom in the same way as before the start of the 2019 bull market. The main difference lies in the tightening of monetary policy worldwide. This was stated by Bloomberg strategist Mike McGlone.<\/p>\n","protected":false},"author":1,"featured_media":72664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1569,1138],"class_list":["post-72663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-bloomberg","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/72663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=72663"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/72663\/revisions"}],"predecessor-version":[{"id":72665,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/72663\/revisions\/72665"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/72664"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=72663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=72663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=72663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}