#crypto #risk #reward #bullish
$BTCUSD
“A leading Wall Street commodities strategist says that 2-H of this year could be Bitcoin’s time to shine, after nearly 8 months of bearish price movement”— Paul Ebeling
Analyst Mike McGlone tells his 47,000 Twitter followers that Bloomberg’s Galaxy Crypto Index, which follows a basket of the largest cryptocurrencies to track the market’s overall performance, is mirroring its behavior from the Y 2018 bear market bottom.
“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.”
Mr. McGlone likens the current state of the crypto market to the internet bubble of the early 2000s. According to the analyst, a similar cycle is playing out whereby over-valued projects get purged from the space before the market reverses course on a long-term uptrend.
“Midyear outlook [on] crypto assets – 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.”
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Have a prosperous day, Keep the Faith!
