Amid constant fluctuations in the cryptocurrency market, Bitcoin (BTC) shows an upward trend both month-to-month and year-to-date. Digital currency has established itself as a protagonist in this scenario, but it is always interesting to observe the different perspectives of experts on its future.
Mike McGlone, senior macro strategist at Bloomberg Intelligence, wastes no time in providing his analysis and brings a perspective that may make some crypto enthusiasts a little uncomfortable. According to him, Bitcoin’s upward trajectory could be a harbinger of a “great reset” ahead. This statement, which draws attention because it is counterintuitive, was shared in a recent post on the social network.
“Some people see this growing appreciation as a positive sign of momentum,” he ponders, “but basing it on the idea that ‘it’s going to go up because it went up’ may not be the best indicator. We are seeing contrary evidence when we look at other cryptoassets and base metals.”
It is interesting to note that McGlone has been a dissenting voice among many crypto enthusiasts, defending a possible downtrend for Bitcoin. When making comparisons between BTC and other commodities, the senior strategist highlights that cryptocurrency can be a key indicator of broader economic movements.
Continuing his observations, McGlone suggests that Bitcoin may be anticipating some significant movements in the economic scenario. “Bitcoin, as a leading indicator, appears to be changing its direction. This could be the signal needed for action by the Federal Reserve, leading to a reaction in the bond market.”
#Bitcoin May Lead Great Reset by Going Down (Because It Went Up) – Some may call it momentum, but the technical mantra that “it will go up because it rose” — notably in equity bull markets during an accommodative #FederalReserve — is showing the opposite in #crypto assets and… pic.twitter.com/BnLAPj8Sqs
— Mike McGlone (@mikemcglone11) October 12, 2023
At the time of publication, the price of Bitcoin was quoted at US$26,724.37, up 1.6% in the last 24 hours.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.