Does bitcoin (BTC) have a “respect edge”?

Does bitcoin (BTC) have a "respect edge"?

Bitcoin (BTC) has been around for almost 14 years. It has grown exponentially so far, although there have been severe downturns. Most traditional financial assets have failed to adapt to such growth, even though they existed long before Bitcoin. Recently, Mike McGlone, an analyst with Bloomberg Intelligence, indicated that bitcoin may soon become part of the mainstream financial system.

Bitcoin is heading toward an unstoppable maturation

According to s publication on Mike McGlone’s Twitter on October 19, yes “respect benefit“. “Bitcoin may be entering an unstoppable maturation phase. […] The fact that bitcoin did not exist in October 2007, when crude oil first reached its current level of $84 a barrel, may reflect the supposed advantage of the emerging technology.said the Bloomberg strategist.

Bitcoin (BTC) may be entering an unstoppable maturation phase.

To Mike McGlone, bitcoin (BTC) price movement in the fourth quarter of 2022 it represents a future stage of maturity. The analyst still maintains that there are signs of a bottoming in the bitcoin (BTC) market. He expects, in the short term, a correction in the market for the largest crypto by market capitalization.

However, the Bloomberg strategist also expects a rally in the bitcoin market. He predicted that the crypto flagship could be worth up to $100,000.

It could all come down to the second half of 2022

McGlone acknowledged that cryptocurrency volatility has weakened despite the recent rise in US interest rates. This decline is such that the crypto flagship managed to beat traditional asset classes like the Dow Jones Index.

In addition, the strategist’s analysis shows that BTC’s risky asset status may play out in the second half of 2022. This crypto (nicknamed digital gold) may come to imitate assets like physical gold.

Bloomberg Intelligence analyst Mike McGlone believes that BTC will eventually enter a maturation phase. He expects a rally in the Bitcoin market in the long term, although in the short term he predicts a correction. It must be said that bitcoin (BTC) remains a benchmark in the crypto sector despite a huge correction in 2022. Moreover, it still has one of the most significant market capitalizations on the financial market.

Get a summary of the news in the world of cryptocurrencies by subscribing to our new service newsletter daily and weekly so you don’t miss any of the essential Cointribune!

Download avatar Luc Jose Adjinacou
Luc Jose Adjinacou

Far from dampening my enthusiasm, an unsuccessful investment in cryptocurrency in 2017 only increased my enthusiasm. So I decided to study and understand the blockchain and its many uses and pass my pen knowledge related to this ecosystem.

BMC: “Bitcoin (BTC) uses 60% renewable energy”

BMC: “Bitcoin (BTC) uses 60% renewable energy”

Global recession may last until 2024 as bitcoin boom approaches according to Elon Musk!

Global recession may last until 2024 as bitcoin boom approaches according to Elon Musk!