Bitcoin is a 'wild card' set to outperform —Bloomberg analyst
The commodity strategist has pegged Bitcoin to rebound strongly from the bear market despite headwinds for high-risk assets. Bloomberg analyst Mike McGlone has labeled Bitcoin (BTC) a “wild card” which is “ripe” to outperform once traditional stocks finally bottom out. In a Sept.7 post on Linkedin and Twitter, McGlone explained that while the United States (U.S.) Federal Reserve tightening will likely determine the direction of the stock market, Bitcoin remains a “wildcard” that could buck the trend, stating:“Bitcoin is a wild card that’s more ripe to outperform when stocks bottom, but....
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As Bitcoin continues its tumultuous run through the market, analysts continue to see big things in store for the cryptocurrency. Bloomberg analyst Mike McGlone recently said in the August Edition of the Bloomberg Galaxy Crypto Index (BGCI) that the coin was set to outperform in the second half of the year. Already one month into the second half of the year, the market has seen the price of bitcoin breaking $40,000 for the first time since the market crash. The report said bullish fundamental underpinnings would improve this second half. Likely relating to the continuous growth of the....
Global rate hikes are putting downwards pressure on asset prices, but Bitcoin is starting to outperform commodities and tech stocks. Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, stated October has historically been the best month for Bitcoin (BTC) since 2014, averaging gains of about 20% for the month, and that commodities appearing to peak could imply that Bitcoin has reached its bottom.In an Oct. 5 Bloomberg Crypto Outlook report, McGlone says while the rise of interest rates globally is putting downwards pressure on most assets, Bitcoin is gaining the upper hand....