Bloomberg’s Senior Commodity Strategist Mike McGlone forecasts a surge in Bitcoin price during the 2022 second half. He tweeted his analysis on July 6, confirming that BGCI (Bloomberg Galaxy Crypto Index) and BTC’s 50- and 100-week MA presented impressive trends.
He stated that the prevailing indicators mimic those seen during the 2018 bear market bottom, which emerged before a massive revival in the 2019 first half. Mike concluded that such observation had the risk v. reward titling towards alert investors in 2022 H2.
Mimicking the Internet Bubble?
McGlone compared the prevailing status of the crypto industry to the early 20222 internet boom. The expert believes the crypto world displays similar cycles, where the market removes overvalued projects before reversing to long-term upside trends.
Meanwhile, the BCGI computes performances by significant cryptocurrencies to ensure a detailed understanding of overall market trends. Moving Averages (MAs) help to calculate average asset price in a given timeframe, like 20, 50, or 100 days.
BTC Has Lost a Lot
CryptoCompare data shows the dominant digital coin lost more than 58% during the 2022 second quarter. Bitcoin welcomed Q2 trading at $45,524 before continued slumps drove it beneath $19K as June ended.
Bitcoin saw its worst quarterly run since surrendering approximately 68.2% in 2011 Q3. Moreover, CoinMetrics data shows June as the worst month for BTC since its inception on crypto exchanges in 2010.
The deteriorated figures have had most cryptocurrency analysts skeptical about BTC. Some anticipate further bearish actions in the coming sessions. Warren Buffet’s pupil Mohnish Pabrai commented on the crypto market amidst its turbulence.
He warned that BTC and other cryptos are encountering the worst days during the market carnage. He cautioned market players during the CNBC interview that their portfolios would crash to nothing within time.
Most industry experts trust BTC is yet to hit its bottom and forecast more notable plummets in the coming weeks or months. Edward Moya stated that the crypto market slump intensity would rely on the stock market bottoming and no crypto firm falling into liquidation.
Meanwhile, many variables such as unending geopolitical tension, US financial policy, and recession fears will trigger surge volatility in the near term.
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