Thursday, December 1, 2022
HomeBTCCurrent crypto market situation makes Bitcoin incredibly oversold: Bloomberg analyst

Current crypto market situation makes Bitcoin incredibly oversold: Bloomberg analyst

Mike McGlone, a senior commodities analyst for Bloomberg Intelligence, claims that bitcoin is now trading at a significant discount.

He offered this opinion in light of the fact that the digital currency, which is the most valuable in terms of market value, has remained below $25,000 since June, as shown by the data from TradingView.

“The benchmark crypto reached the lowest ever vs. Its 100-week moving average in July,” he noted, describing this situation as being an “extreme discount within an enduring bull-market.”

When presenting his point, McGlone drew on a number of observations and also mentioned technical analysis, concentrating on a particular indication. He said that this was the best way to prove his point.

The Bloomberg expert also emphasised the significance of stocks, which have often shown a significant link to bitcoin and have been a focus of his attention.

McGlone also emphasised the significant influence that was played by the Federal Reserve, which has been increasing interest rates in a slightly aggressive manner since 2022.

The new development has the potential to generate tailwinds for risk assets such as cryptocurrencies and equities. It might do this by increasing the yields provided by lower-risk instruments and making them more enticing to investors.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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