Bitcoin Indications ‘Remain Bearish,’ Says Bloomberg’s Senior Market Strategist
CNBC’s Crypto Trader just interviewed Mike McGlone, the senior strategist at Bloomberg Intelligence, which is the company’s market research division.
Although he’s constantly searching for reasons to be bullish on Bitcoin and crypto, at the moment McGlone says current Bitcoin volume and the number of active Bitcoin addresses are two metrics that show the bear market is likely to continue.
“Honestly, every day I try to find ways to say Bitcoin’s going to go up, or cryptocurrencies are going to go up, and the more I dig into the data that actually have driven price in the past, I see more indications it’s going to go lower…
Of course, we can do anything. But based on the indicators I have, the prices should still go lower unless something shifts that I can’t predict, like some kind of fundamental thing.”
Crypto Trader Ran NeuNer suggests that the launch of Bakkt as well as other key developments, such as Fidelity’s new crypto exchange, will lead to a Bitcoin ETF.
I can confirm after SEC discussions, the below statement is true post the meeting held with new SEC commissioner Elad Roisman.This means,a Bakkt,physical settled futures that requires actual purchase of BTC & ETF which also requires purchase in the next 6 months, you do the math. pic.twitter.com/28Tm5rMCzY
— Ran NeuNer (@cryptomanran) October 24, 2018
With the launch of Bakkt, some insiders such as Mike Novogratz, CEO of Galaxy Investment Partners, the cryptocurrency investment firm that recently announced its stake in BitGo alongside Goldman Sachs, believes that a Bitcoin ETF is inevitable.
— Michael Novogratz (@novogratz) October 22, 2018