Bloomberg Strategist Mike McGlone Says Bitcoin May Have Hit Bottom

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Bitcoin (BTC) has traded consecutively above the $20,500 benchmark for at least four consecutive days as the premier digital currency continues to drive bullish momentum in the market. Based on its recent price action, famed Bloomberg Senior Commodity Strategist Mike McGlone believes that the bottom has finally settled for the cryptocurrency.

Taking to his Twitter page, McGlone said the major cryptocurrency may have either bottomed or formed a bouncing bear pattern, either according to him, with Bloomberg currently having a party taken. According to him, there seems to be a correlation between the bottom reached in 2019 when the cryptocurrency bottomed out at $5,000.

Bitcoin $20,000 vs. $5,000 in 2019: A base or fight the Fed. One of the best performing assets in 2023 – #Bitcoin – may have bottomed or is a bouncing bear and our bias is both, with one big difference from a similar pattern at the start of 2019: the # Fed tightens peak. twitter.com/DDbyVMIXe2

Mike McGlone (@mikemcglone11) January 18, 2023

As noted by the top analyst in the market, there is a major difference between the 2019 low and the one that is happening now, which could further contribute to the price resurgence. That difference, he said, is the fact that the Federal Reserve is still tightening monetary policies with Fed Fund Futures up 3.5%.

His argument is that Bitcoin’s recent growth rate implies that the coin has divergent strength with respect to interest rate hikes.

Bitcoin Price Predictions

As the flagship digital currency in the crypto ecosystem, its anchoring role as a compelling asset in the industry remains a strong point for experts in the space.

Following Bitcoin’s weekly sustenance of 22%, Ben Armstrong, also known as BitBoy Crypto, believes the coin will hit the $25,000-$30,000 range in the medium to long term. Compared to previous projections, this estimate is very conservative as market leaders like Anthony Scaramucci, Founder and Managing Partner of SkyBridge Capital, has stated that he expects the price of the coin to reach $50,000 at 100 $000 over the next two to three years.

Besides Scaramucci, a handful of other experts consider 2023 to be the start of the bull run for Bitcoin.

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