Bloomberg Strategist: This Is The Defining Moment To Buy Bitcoin
Mike McGlone, Bloomberg senior commodity analyst, told the Wolf of All Streets podcast that this is a “defining moment” and a “very good buying opportunity”
Bloomberg senior commodity analyst Mike McGlone told Scott Melker, presenter of the Wolf of All Streets podcast, that the markets are overdue for a large correction, most notably in equities, but also in the crypto market.
McGlone, in particular, believes that this is a “defining moment” for the digital asset; despite the uncertainties, he sees this as a “very good buying opportunity” for long-term investors who have been sitting on cash.
The commodity strategist said:
“The key thing to point out here is cryptos and Bitcoin are still risk assets and they’re giving up back a lot of gains. I still think there is more pain there. I don’t think Bitcoin gets much below $30,000 its 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.”
