Crypto Market Will Be Better In The Next 6 Months, Mike McGlone Says

Crypto Market Will Be Better In The Next 6 Months, Mike McGlone Says

Leading commodity strategist at Bloomberg Intelligence Mike McGlone tweeted a series of updates on the cryptocurrency market around the halfway point of the year. The expert began by drawing comparisons between the current status of the cryptocurrency industry and the stock market environment between 2000 and 2002. The widespread use of Internet technology at the time led to the formation of the dot-com bubble in the market.

This market segment was only able to play a more crucial role in the financial system and establish itself there after the purging and “deflation” of the market, eliminating the weakest participants. According to McGlone, the early part of the year was marked by a purging of excesses.

The analyst brought up a chart of the Wilshire 5000 Total Market Index ratio versus the U.S. GDP and overlaid it with a curve of the total crypto market capitalization to give a more comprehensive view of what was happening. This chart, made famous by Warren Buffett, displays the levels at which values are at any particular time. This demonstrates how strikingly comparable the current state of the financial markets is to the crises of the early and late 2000s. Investors can see from the analyst’s chart that we haven’t even reached the crisis marks yet, which suggests that there may still be possibility for more drops.

McGlone, however, thinks that cautious investors will have the opportunity to acquire attractive risk/reward positions already in the near future, in the second half of the year. The Bloomberg Galaxy Crypto Index is approaching a drop akin to the bottom of 2018, and the BTC discount to the 50- and 100-week moving averages is comparable to previous foundations, on which McGlone rests his positive assumptions.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News

crypto market crypto market