The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Top Bloomberg Strategist Forecasts ‘Risk vs. Reward’ Reversal for Bitcoin and Crypto Markets

by Daily Hodl Staff
July 8, 2022
in Bitcoin, Trading

Senior Bloomberg analyst Mike McGlone is forecasting a risk vs reward reversal for Bitcoin (BTC) and the crypto markets.

McGlone says BTC could either be one of the strongest rising markets ever during the second half of the fiscal year or end up becoming a failing experiment.

“Bitcoin could be one of the greatest bull markets in history at a relatively discounted price to start [the second half of the year]. Or the crypto may be a failing experiment in the process of being made redundant, like crude oil. Our bias is [that] Bitcoin adoption is more likely to continue rising.”

The analyst says the Bloomberg Galaxy Crypto Index, which measures the performance of the largest digital assets traded in the US Dollar, is nearing similar levels as the 2018 BTC bottom, which could be a favorable sign for investors in the second half of the fiscal year.

“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 [the second half].”

According to McGlone, there’s still some downside potential left for the crypto markets. However, he expects digital assets to eventually continue their ascent.

“What stops the proliferation of crypto dollars? The about 80% drawdown in the Bloomberg Galaxy Crypto Index is indicative of limited further downside and the proliferation of crypto dollars…

That two of the top four cryptos listed on Coinmarketcap on July 5 are stablecoins tracking the greenback is indicative of a bear market and the potential for crypto dollars to continue their ascent.”

Bitcoin is changing hands at $21,900 at time of writing, a 3.7% increase on the day.

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/avante speed/HQ Vectors Premium Studio

Submit a Press Release

Industry Announcements

  • Coinbase-Backed DeSo Unveils MegaSwap, a ‘Stripe for Crypto’ Product, With Over $5 Million in Volume
    February 7, 2023
  • Chainflip Partners With Axelar and Squid To Expand DeFi to New Assets
    February 7, 2023
  • Sidus Heroes Named Number One Gaming Metaverse in UAE
    February 7, 2023
  • Binance Launches Free Tax Tool To Provide Tax Details for Crypto Transactions in First Step of Global Launch
    February 6, 2023
  • BlockJoy Secures Nearly $11 Million From Gradient Ventures, Draper Dragon, Active Capital and More To Launch Decentralized Blockchain Operations
    February 2, 2023
  • Peer Acquires Elite Team of Engineers Behind Zenly’s Popular 3D Maps
    February 1, 2023
  • Sign Up Today for the TRON Grand Hackathon aka HackaTRON Season Four
    February 1, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$23,209.22
$23,209.22
1.28%
Ethereum
$1,666.13
$1,666.13
1.75%
Cardano
$0.396048
$0.396048
1.99%
XRP
$0.402527
$0.402527
1.21%
Dogecoin
$0.09204
$0.09204
0.69%

Spotlight

  • Analyst Says Three DeFi Altcoins Are Flashing Strength Amid Crypto Pullback, Updates Outlook on Bitcoin
    February 1, 2023
  • Top Trader Updates Outlook on Ethereum Rivals Cardano and Fantom, Says Bitcoin Must Hold $23,000 to Avoid Larger Pullback
    February 3, 2023
  • Bloomberg Analyst Warns Rise of Solana, Avalanche Could Be Thwarted by Polygon and Other Ethereum Layer-2s
    February 6, 2023
  • Bitcoin, Solana and Additional Ethereum Rival Have Higher To Go, Says Top Crypto Analyst – Here Are His Targets
    February 2, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl