Prominent Bloomberg expert explains why he believes Bitcoin and other risk assets may start going further down
In an earlier tweet, McGlone compared Bitcoin and the behavior of the stock market back in the 1930s. He stated that Bitcoin has a lot in common with the stock market as the latter was heading toward its peak in 1929 – there were also"parabolic price moves,""excessive liquidity and speculation" and"revolutionary technologies" emerging, with electricity, telephone, automobiles and the new ability to travel by air.
The only difference, McGlone says, is that back in 1929, the Fed began cutting rates. As of now, since March 2022, the Fed has been raising rates, employing quantitative tightening. According to part of the Bloomberg report shared by McGlone in a screenshot, Bitcoin's 100-week moving average has reversed downward. As a result, the report says:"It may be a question of how long risk assets have to go for liquidity to get turned back on.
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