Mike McGlone, the senior commodity strategist at Bloomberg, has recently stated that Bitcoin (BTC), the largest cryptocurrency by market cap, is in a defining moment that investors may never forget.
McGlone said this during a recent interview. According to the analyst, investors who choose to bear the risk in Bitcoin purchase, especially in this period, would reap major rewards in the future.
In the course of the interview, the Bloomberg strategist discussed how current geopolitical events are impacting the commodity markets, citing Russia’s invasion of Ukraine as an example.
McGlone also highlighted the reason for Bitcoin’s massive downtrend after the news of the war spread globally despite being a hedge against instability. He said the price of Bitcoin fell because the commodity markets were due for a usual retracement, adding that this gives room for buying opportunities.
Mike McGlone noted:
“People should remember this for a lot of positions. This is a tremendous opportunity, most notably for people who have maybe raised a little bit of cash.
We’ve been pointing this out for months that the market is way overdue for a pretty significant correction, most notably in terms of equities. We’re getting that correction in cryptos.”
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This Should Be a Defining Moment for Bitcoin Investors
According to McGlone, Bitcoin and other cryptocurrencies remain risky due to their high volatility. But he thinks this period will be a defining moment for the long-term traders who purchase Bitcoin now:
“I still think there’s more pain there. I don’t think Bitcoin gets much below $30,000, it’s holding good resistance around $40,000.
I think this is ultimately going to be a very good buying opportunity for Bitcoin. For longer-term traders, it’s going to be looked back upon in history as a defining moment.
The key point is right now we’re in that stage where you’ve got to hit the bid on things you might not want to.”
At the time of filing this report, Bitcoin is trading at $39,141, with a relatively 1% price downtrend in the last 24 hours.
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