Next 6 months will be better for crypto market: Commodity strategist Mike McGlone

Seeing the slowdown in the cryptocurrency market, investors are worried about its future. Instead of recovering from the downtrend, the market is going down further. In such a situation, well-known commodity strategist Mike McGlone has given his analysis about the mood of the market. Mike works as a Leading Strategist at Bloomberg Intelligence and has given a mid-year overview of cryptocurrencies, which has proven to be very important for crypto investors.

Mike McGlone equates the current state of cryptocurrencies to the stock market situation in 2000-2002. Mike has tried to explain his analysis through many tweets.

He said that when the weak players of the market get out of it and the market is completely compressed, then the market base will be strong and it will be well established in the financial system. Mike McGlone said that in the first half of the year we have seen similar contraction of the market, after which it will be clear from inside as weak players will have exited from it.

Mike next compares the 2018 recession for bitcoin and the crypto market. This new asset class faced a similar downturn in 2018, when the price of bitcoin fell 75% from its all-time high. The $3000 level had become the lowest level for bitcoin at that time. After that in 2020, when the corona epidemic came, bitcoin once again reached a low of $ 3 thousand.

Then the cryptocurrency market set new lows for its price. The situation in the macro economy is somewhat different at the moment. Bitcoin may revisit its all-time low of $17000, but the second half of the year will be beneficial for those who have been investing in bitcoin for a long time. Mike believes that investors who are smart will use this position as an opportunity for the second half and understand the rewards/risks of the second half during this time. Mike based his estimates on the Bloomberg Galaxy Crypto Index, which is close to the 2018 recession.

Cryptocurrency prices in Indian exchanges

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