Bitcoin ($BTC) Maintains a ‘Downward’ Trend as Interest Rates Continue to Rise, According to a Bloomberg Analyst
The leading cryptocurrency Bitcoin ($BTC) is currently on a downward trend, and it may be some time “before buy-and-hold types get the upper hand” in the cryptocurrency, as central banks continue to increase interest rates.
According to Bloomberg commodities analyst Mike McGlone, a well-known cryptocurrency bull, the leading cryptocurrency faces major headwinds from rising interest rates and regulatory pressure, and its 52-week moving average indicates a downward trend.
Last month, McGlone, as reported by CryptoGlobe, advised BTC investors to accumulate the flagship cryptocurrency before its price soars higher and reaches $150,000 per coin. McGlone also cautioned investors that Bitcoin may fall below $15,000 before reaching fresh highs.
The expert also compared Bitcoin’s acceptance to that of the internet in its infancy and noted that demand and adoption are still low since the cryptocurrency is still in its “early life,” akin to the internet twenty years ago.
McGlone said in an interview with cryptocurrency influencer Scott Melker that he expects additional rules to be implemented in the business in the near future since “so much adult supervision is required in crypto” despite the fact that “people whine about regulation.”
According to his stated statements, “Sam Bankman-Fried proves that young people who play video games should not be running firms, taking your money, and giving it to their parents so they can buy houses and other things.”
The analyst concluded that when customers invest money in an exchange, they want to be able to trust it, and he hinted that platforms that people do not trust are being screened out.
In November 2020, McGlone properly forecasted that the price of Bitcoin will reach $20,000 and launch a parabolic rise in 2021. In 2017, Bitcoin achieved a new all-time high above $69,000 before seeing a severe fall.
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