Bitcoin price is showing the same behavior as it did in 2018, when it marked the end of the bear market. Bloomberg Intelligence senior commodity strategist Mike McGlone came to these conclusions.

The expert drew attention to the extent of the decline of the Bloomberg Galaxy Crypto Index, along with the current price of the first cryptocurrency being lowered to its moving averages for the 50-week and 100-week periods. from ATH.

In 2018, bitcoin dropped from $16,000 in January to $3,200 by mid-December, but only returned to $13,000 over the next six months.

The expert noted that the digital asset market has come to its real moment.

“Bitcoin is on the verge of one of the biggest bull markets to start in the second half of the year. Or many will begin to accept that digital assets have become a failed experiment. We believe that the popularization of cryptocurrencies will continue.” said McGlone.

The expert compared the collapse of the cryptocurrency market in the first half of the year with the “exploding dot-com bubble of 2000-2002”. The removal of leverage was typical for all risky assets during this period, he added.

The expert said it is unlikely that the Fed will raise the key rate another 75 basis points. n. In case the stock market decline rate recorded in January-June is maintained.

Recall that in June, McGlone predicted the consolidation of the first cryptocurrency in an asset state for savings.

In January, a Bloomberg strategist said that the price of digital gold could hit $100,000 in 2022.

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