Analyst: Bitcoin [BTC] bottoming like 2018, with one exception

Bitcoin is building a bottom akin to 2018, but under different macroeconomic circumstances. The index reached its highest point since 5 April, 2022, when it reached 52 on January 15, 2023. Although there are some similarities between this Bitcoin [BTC] bottom and the one before the 2019 bull run, according to Mike McGlone, senior commodity […]

Bitcoin is building a bottom akin to 2018, but under different macroeconomic circumstances.Although there are some similarities between thisbottom and the one before the 2019 bull run, according to Mike McGlone, senior commodity strategist at Bloomberg, there are significant differences this time around.

McGlone, however, cautioned viewers that macroeconomic conditions and pressure from interest rate hikes may delay BTC’s surge.The fact that the NASDAQ is probably going to go below its 200-week moving average is one sign that Bitcoin’s ascent will not continue, as per McGlone. Bitcoin’s performance over the past year has been closely correlated with that of NASDAQ.

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