Mike McGlone shared his opinion on the current situation of the crypto market and noted that Bitcoin is ready to outperform soon.
In May 2022, the whole crypto industry started to face a significant downfall, after a slow stepwise correction in prices since late 2021. The last couple of months changed the whole situation of the crypto market in a bearish moment. Now Bitcoin is recovering slowly with a very small downfall and also with this fear index pointing toward a small number, which means fear is going away from the market with recovery.
On 29 July, Mike McGlone, commodity strategist at giant media Bloomberg, took to Twitter to share his analysis on Bitcoin, on behalf of the upcoming Fed meetings on interest hikes plans.
Through a tweet, Mike noted that Bitcoin may be in the initial phase of recovery. The current situation is much better for Bitcoin and it may further increase the tendency of Bitcoin to outperform.
The commodity strategist explained:
“Federal Reserve Chairman Jerome Powell’s “meeting by meeting” comment may mark the pivot for Bitcoin to resume its tendency to outperform most assets. New and untested are becoming past tense fast for the benchmark crypto, likely in the early recovery days from a severe drawdown.”
Strategists noted that Bitcoin is unique in this race because its technology is unique with its limited supply and also it possesses a much better quality to come under a high rate of adoption. Mike also noted that Bitcoin may beat all other assets and asset classes in terms of performance.
Mike also pointed out that the next meeting on 21 September will also bring huge pressure on the economy and it will incline toward a high downturn because the Fed rate hike will only deflate commodities and the global economy will further tilt toward recession and in that situation, people will buy the best store of value based assets.