McGlone: “May Seek Sell Positions in Crypto Assets in March”

Bitcoin, which started 2023 with positive pricing, attracted attention with its increase in value by 40% in January. Bitcoin, which lost momentum in February, did not start March well. Despite losing its upward momentum in February, Bitcoin managed to maintain its gains by remaining resistant to many negativities. However, with the start of March, the continuation of the negativities in the crypto industry brought hard sales in cryptocurrencies.

Bloomberg analyst Mike McGlone shared his views on the latest situation of Bitcoin in his post on Twitter.

“#Bitcoin May Need to Breach $25,000 for Risk-Asset Revival – Just in case the #crypto and #stockmarket lows aren’t in, Bitcoin/crypto shorts could be warranted at the start of March. Monetary policy acts with a long, variable lag. A year ago the Fed funds rate was zero.”

McGlone shared that the $25,000 price must be surpassed to see a rebound from the risk appetite in the market. Otherwise, he claimed that depending on the correlation between Bitcoin and altcoins with the stock markets, selling positions in crypto assets may increase in March, according to the selling pressure in the shares. Mike McGlone also agrees with the majority who think that market dynamics are fundamentally dependent on the Fed’s monetary policy.