Top Bloomberg Strategy Forecasts’ Risk Vs. Reward’s reversal for Bitcoin and Crypto markets
Senior Bloomberg analyst Mike McGlone predicts a reversal of risk vs. reward for Bitcoin (BTC) and the crypto markets.
McGlone sier BTC could either be one of the strongest rising markets ever in the second half of the fiscal year or end up being a failed experiment.
“Bitcoin may be one of the largest bull markets in history at a relatively reduced price to begin with [the second half of the year]. Or the crypto may be a failed experiment becoming redundant, such as crude oil. Our bias is [that] Bitcoin adoption is more likely to continue to rise. ”
The analyst sier The Bloomberg Galaxy Crypto Index, which measures the performance of the largest digital assets traded in US dollars, is approaching similar levels as the 2018 BTC bottom, which could be a favorable sign for investors in the second half of the financial year.
“With the Bloomberg Galaxy Crypto Index approaching a similar decline as the 2018 bottom and Bitcoin’s discount to its 50 and 100-week moving averages similar to previous foundations, the risk vs. reward of responsive investors in [the second half]. ”
According to McGlone, there is still some downside potential left for the crypto markets. However, he expects digital assets to eventually Continue their ascent.
“What is stopping the spread of cryptocurrencies? The decline of around 80% in the Bloomberg Galaxy Crypto Index indicates limited further disadvantages and the spread of cryptocurrencies …
The fact that two of the top four cryptocurrencies listed on Coinmarketcap on July 5 are dollar-tracking stack coins indicates a bear market and the potential for cryptocurrencies to continue the rise. ”
Bitcoin is changing hands at $ 21,900 at the time of writing, an increase of 3.7% on the day.
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