Bloomberg Senior Analyst Says “Bitcoin Could Be One of The Greatest Bull Markets in History”

According to a Bloomberg expert, bitcoin has the potential to be one of the most successful bull markets in history.

Mike McGlone, a senior strategist, and an analyst at Bloomberg has said that he thinks Bitcoin might be one of the biggest bull markets in history at a comparatively discounted price to start the year’s second half. Or the cryptocurrency might be a failed experiment that is now being rendered obsolete, similar to crude oil. He remarked that the consensus is that the number of people using Bitcoin would most likely keep growing.

#Bitcoin could be one of the greatest bull markets in history at a relatively discounted price to start 2H. Or the crypto may be a failing experiment in the process of being made redundant, like #crudeoil. Our bias is Bitcoin adoption is more likely to continue rising pic.twitter.com/qtLRR6isXF

— Mike McGlone (@mikemcglone11) July 6, 2022

Before that, McGlone also talked about the outlook for crypto assets at the halfway point of the year; McGlone said that a common theme in cryptocurrencies is to embrace the bear and build a better financial system, particularly from the institutional perspective and with a longer-term focus, which is analogous to the bursting of the internet bubble in 2000-2002. He added that during the first half of the year, all risk assets were in the process of cleaning up their excesses.

Midyear Outlook: #CryptoAssets – A common theme in cryptos is to embrace the bear and build a better financial system, notably from the institutional and longer-term focused, akin to 2000-02’s bursting internet bubble. Purging the excesses was the state of all risk assets in 1H pic.twitter.com/Jm785sHnmP

— Mike McGlone (@mikemcglone11) July 6, 2022

The analyst brought in a chart comparing the Wilshire 5000 Total Market Index to the Gross Domestic Product of the United States and superimposed a curve depicting the total market capitalization of cryptocurrencies on top of it. He did this to provide a more comprehensive picture of what was happening. This graphic, which was made famous by Warren Buffett, illustrates the many levels of valuation that exist at any one time.

What Stops the Proliferation of #Crypto Dollars? The about 80% drawdown in the Bloomberg Galaxy Crypto Index is indicative of limited further downside and the proliferation of crypto dollars. Our graphic depicts a top consistency in cryptos — the rising tokenization of the buck pic.twitter.com/DClItGPVGy

— Mike McGlone (@mikemcglone11) July 6, 2022

According to McGlone, the risk-to-reward ratio favors responsive investors in the second half of the year because the Bloomberg Galaxy Crypto Index is getting close to a drawdown that was similar to the bottom in 2018 and because Bitcoin’s discount to its 50- and 100-week moving averages is similar to previous foundations.

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

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