Bloomberg Analyst Says Bitcoin Just Traded at Steepest Discount Ever – Here’s How BTC Can Reverse Course cryptomarketbag Blockchain update

Mike McGlone, Senior Commodity Strategist at Bloomberg Intelligence, says that the crypto market crash has reached peak levels recently.

McGlone They say Bitcoin (BTC) recently traded at the steepest discount since the start of calculating the 200-week moving average of the leading crypto asset.

“The sharpest bitcoin discount on September 20th since the calculation of the 200-week moving average reflects the climax of the crypto crash and a possible resumption of the risk versus reward versus long upward trajectory for the short.”

According to a Bloomberg intelligence strategist, the aggressive interest rate hike by the US Federal Reserve provides a “good reason” for bitcoin to reverse the downward spiral.

“Our Graphic [below] Shows a good reason for one of the best-performing assets in history — aggressive Federal Reserve rate hikes — but it’s a question of the end game. At around 4.3%, the one-year Federal Fund Future (FF13) has never fallen sharply relative to its 200-week moving average.”

Source: mikemclone11/twitter

Federal funds futures are a derivative based on short-term interest rates set by the Federal Reserve. Investors use derivatives to bet or hedge against short-term interest rate fluctuations.

On the relationship of the crypto market with stocks, McGlone says that bitcoin and other crypto assets can determine the bottom of the stock market.

“Bitcoin is gaining position as a top 24/7 worldwide risk asset and leading indicator that never stops trading. This is a risky year and crypto could be the harbinger of what stocks are trading at.” How low can the market go? A sharp fall in equities is a primary force to reverse rate hike expectations.”

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