​​Bloomberg strategist called bitcoin oversold Bitcoin is | Best Crypto Traders Official

​​Bloomberg strategist called bitcoin oversold

Bitcoin is trading at a significant discount in a sustained bull market. Mike McGlone, senior commodities 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,” he explained.
The agency analyst emphasized the high importance of the stock market, with which bitcoin shows a noticeable correlation.
“There are several more powerful forces in the markets than when the stock market falls at a high rate, as happened in the first half of the year,” he said.
McGlone mentioned the key role of the Fed, which is pursuing aggressive rate hikes in 2022. This could potentially create a hurdle for risky assets, including cryptocurrencies and equities. He urged not to fight the Fed.