McGlone Recommends Buy and Hold Strategy
Bloomberg analyst Mike McGlone claimed that an upward movement in Bitcoin price will not be seen for a while. The experienced analyst pointed out that if the FED continues to tighten, the possibility of a rise in BTC price will disappear. Bitcoin (BTC) price has caught a strong upward momentum since the beginning of the year. BTC price has gained over 40% by the beginning of February. However, increasing macro uncertainty and regulatory activities in the cryptocurrency sector stopped the rally. Now, the direction of the crypto money markets is being wondered. According to veteran macro analyst McGlone, bearish could be imminent for BTC.
Bloomberg analyst Mike McGlone reported that the reason for the purchases seen as of the beginning of the year was oversold. The analyst points out that this buying wave may not continue. Mike McGlone pointed out that the global economic recovery is not yet mature. The famous analyst suggested that the continuation of the tightening of the FED, despite the risk of recession, will reduce the BTC price:
“Bitcoin has reached the highest discount relative to its 200-week moving average at the end of 2022. This is one of the major reasons for its Q1 rebound. However, the global economic recovery still looks unfavorable.
Despite the risk of recession, the tightening of the FED creates a counterwind for most risky assets, especially cryptocurrencies. The buy-and-hold strategy can be beneficial in such volatile times.”
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