Bloomberg Analyst: Bitcoin Forms Bottom in Unprecedented Macro Climate
Bloomberg strategist Mike McGlone says Bitcoin is forming a bottom similar to 2018 but under different macroeconomic conditions.
McGlone compares Bitcoin's recent rally to its 2018 bottom at $5k but warns that it may not continue due to challenging conditions & Fed's interest-rate hike policy.
He says that if NASDAQ dips below its 200-week moving average, it could indicate that Bitcoin's rally may not continue.
McGlone concludes that while the long-term outlook for Bitcoin is bullish, in the short-term market conditions are uncertain and investors should exercise caution.