Bitcoin is trading at a significant discount in a sustained bull market. Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said this, according to Forbes.

“The first cryptocurrency hit an all-time low in July compared to its 100-week moving average”explained.

The agency analyst highlighted the high importance of the stock market, with which bitcoin shows a noticeable correlation.

“There are few forces in the markets that are stronger than when the stock market fell heavily, like in the first half of the year.”said.

McGlone talked about the key role of the Fed following aggressive rate hikes in 2022. This could potentially create a barrier for risky assets, including cryptocurrencies and stocks. He urged not to fight against the Fed.

“Bitcoin is moving towards global digital collateral status. Ethereum is the main driver of the digital revolution”expert concluded.

In July, McGlone predicted that digital gold would rise over the next six months.

Recall that Grayscale analysts allowed the completion of the crypto winter by the end of March 2023.

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