No products in the cart.
- Latest
- Trending
ADVERTISEMENT
Bitcoin (BTC) is experiencing a broader bear market alongside other cryptocurrency markets. This is the general consensus. Nevertheless, bloomberg I ask you to be different. A media company recently said that, contrary to popular belief, BTC is still in a bull market right now, but is trading at a discount.
Bloomberg Intelligence released a report on Tuesday analyzing global financial conditions. This report looks at the current state of the traditional financial and crypto markets, especially BTC. BTC is still in a bull market, according to a report shared by Bloomberg Intelligence Senior Commodity Strategist Mike McGlone.
September #Cryptos Outlook – Few forces are more powerful than stocks falling fast. #FRB Tightening as the world tilts toward recession.Cryptocurrencies are a small part of the ebb tide, but not from advanced technology, leading indicator status pic.twitter.com/0Bnj4saAfm
Mike McGlone (@mikemcglone11) September 6, 2022
The report notes that while the asset is still in a “stretched” bull market, it is trading at a discount. According to Bloomberg, measures taken by the Federal Reserve to combat rising inflation are having a negative impact on risk assets. The report further argued that the cryptocurrency market would recover once the turmoil from the Fed’s tightening subsides.
vice versa, bloomberg believes the oil market has entered a full-blown bear market. The report highlights oil’s recent underperformance and points to growing suspicions of a bear market as it falls below its 2008 high. Additionally, Bloomberg argued that the crude oil market could contribute to BTC’s recovery process.
It is important to note that Bloomberg Intelligence made a similar claim for BTC in May 2021. BTC wiped out all previous gains and dropped 45% to a low of $34,000 in May. Panic spread throughout the community, but Bloomberg Intelligence remained bullish.
#bitcoinAdvantage vs. #stock: Discounted Bull Market The May 19 sell-off in virtually all assets #bitcoin In our view, the potential outcome is tilted in our favour, indicating that cryptocurrencies have entered the mainstream. pic.twitter.com/XR1o2lzQFv
Mike McGlone (@mikemcglone11) May 21, 2021
According to a 2021 report also shared by McGlone, BTC was only in a discounted bull market. The report also highlights Bitcoin’s superiority over traditional stocks. BTC then held another rally that year in November where he reached a new ATH above $68,000.
Bloomberg report looks bullish on BTC despite growing bearishness in the market. As of the time of the report, Bitcoin is currently trading at $19,407, down 0.51% over the past 24 hours. Assets have broken below the $20,000 support and are currently in a delicate position. What happens in the next few days will greatly contribute to the direction of the asset from here.
The content presented may contain the author’s personal opinions and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication accepts no responsibility for your personal financial loss.
