Mike McGlone, Bloomberg’s senior product strategist, believes Bitcoin (BTC) might be establishing a “bottom” in the exact same method it did prior to 2019’s bull run but stated there is a significant distinction this time around.During a Jan. 16

interview with crypto podcaster Scott Melker, McGlone argued unlike in 2018 when banks such as the Federal Reserve were alleviating rate of interest, this time they’re still tightening, together with “every central bank.”

“Back then the Fed currently began relieving and we held the bottom and broke out higher and after that we had that concern in 2019,” he said.

“Right now they’re tightening aggressively, so you look at that and you can’t be too excited about any markets. Offer it a long time. Big picture, yes, truly bullish Bitcoin,” McGlone included.

BTC forming bottom akin to 2018 with one key difference: Bloomberg analyst
Graph revealing Bitcoin market prices. Image: Mike McGlone

McGlone also cautioned BTC may not see the surge being anticipated just yet, as there are challenging macroeconomic conditions and pressure from interest-rate hikes.

He thinks the Nasdaq is most likely to dip below its 200-week moving average, which he declares is another indication BTC’s cost rally may not happen quickly.

“Liquidity is being retreated still and if the Nasdaq breaks down, whatever breaks down, Bitcoin is going to become part of it.”

“I still believe it’s going to come out ahead so to me that’s where we stand,” he included.

Related: Arthur Hayes: Bitcoin bottomed as ‘everyone who could go bankrupt has actually gone bankrupt’

McGlone also said the marketplace has actually gotten in an “unmatched” environment, “where we’re having bounces in what we know are bearishness and the Fed just says, sorry we’re taking the punchbowl away, we’re not providing it return to you.”

“I still believe we’re in the middle of the greatest macroeconomic reset of our life times, we simply had a 100-year event in regards to the pandemic, we’re having a historic war in Europe and we’re having a historical shift in political leadership in China,” he included.

“I mean it’s going back to the days of the Soviet Union when you have one leader and are anticipating to be financially viable.”