According to commodity analyst Mike McGlone, bitcoin “appears poised to resume its tendency to outperform

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Mike McGlone, a senior commodity analyst for Bloomberg Intelligence, predicts a “warm spell” for the bitcoin market, noting on Monday that “bitcoin is prepared to resume its inclination to outperform.” Following his earlier prediction that stated bitcoin and ethereum appear to have “finished the bulk of its downturn,” McGlone made the following remarks.

When the “Fed Pivots to Easing,” according to Mike McGlone, a cryptocurrency “warm spell” is in the works, and Bitcoin will resume rising in value.

Mike McGlone recently tweeted about a “warm period” on Monday, which has him optimistic that bitcoin has some healing ahead of it.

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On December 19, 2022, Mike McGlone posted a chart.

According to McGlone, the benchmark cryptocurrency’s “declining relative risk vs. the stock index” is what has remained constant for the majority of its lifespan. According to the market strategist, Bitcoin’s yearly volatility at the end of 2022 will be 2x lower than it was at the end of 2021. The senior commodity analyst for Bloomberg added:

The price of one bitcoin has dropped by more than 75% from its all-time high (ATH), which was hit on November 10, 2021, at a price of $69,044 per unit.

The market capitalization of Bitcoin is around $322 billion, or 38.2% of the $843 billion crypto economy.

McGlone contends that the U.S. Federal Reserve’s shift toward monetary easing will be necessary before bitcoin’s upswing materializes.

A warm period is expected, McGlone added.

Possibility of Excelling – With most other digital assets, the world’s standard asset has suffered losses in 2022, but bitcoin looks ready to regain its propensity to outperform.

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