- Mike McGlone predicts that Bitcoin will rise in the second half of 2022.
- He stated that the 50-week and 100-week moving averages display a positive trend.
- McGlone wrote that responsive investors will be rewarded.
Senior commodity Strategist of Bloomberg, Mike McGlone predicts that Bitcoin will rise in the second half of 2022. He took to Twitter (NYSE:TWTR) to lay down his observations.
McGlone stated that the Bloomberg Galaxy Crypto Index (BGCI) and the 50-week and 100-week moving averages for Bitcoin are showing signs of a positive trend.
With the Bloomberg Galaxy Crypto Index nearing a similar drawdown as the 2018 bottom and #Bitcoin‘s discount to its 50- and 100-week moving averages similar to past foundations, risk vs. reward is tilting toward responsive investors in 2H.— Mike McGlone (@mikemcglone11) July 6, 2022
McGlone also wrote that the current trend is similar to the one from the 2018 market bottom. Notably, he stated that the risk vs. reward situation is gliding toward a positive side for responsive investors.
The analyst’s predictions can be compared to the internet situation of the 2000s. His observations state that the market might flip toward a positive side and rally on a positive trend.
The crypto market, which has been in a prolonged bear market, shows slight signs of recovery today. The global crypto market cap has regained $1 trillion.
The entire crypto market that had been trading in red flipped and is showing green everywhere. Bitcoin has gained 6.99%, Ethereum has gained 5.94%, and other major coins have gained slightly today.
However, Bitcoin has lost over 58% in 2022 as it was trading at $45,524 at the beginning of Q2 and plummeted to almost $17,000 in June.
Several analysts believe that Bitcoin is doomed, but Bitcoin believers such as Michael Saylor believe that now is the time to buy and accumulate. Inflation, stringent monetary policies, and the possible onset of a recession are causing volatility in the market.