Mike McGlone is convinced that bitcoin has reached its bottom and will continue to grow

Mike McGlone, a cryptocurrency analyst and strategist at Bloomberg, is convinced that bitcoin has reached its bottom and will only grow from now on. McGlone shared his opinion with his LinkedIn followers.

As the analyst explained, peak commodity prices indicate that bitcoin has reached the bottom of its value. Commodities were the only asset class that showed growth in the first half of the year. The only obstacle to the growth of bitcoin, ethereum, and other digital assets may be an increase in interest rates by central banks, McGlone said.

It is worth noting that the analyst believes in the potential of the flagship cryptocurrency to move into the category of risk-free assets, such as gold and US Treasury bonds, in the second half of 2022. McGlone, like a large number of analysts, expects the October trend, when the value of cryptocurrencies is growing.

Earlier, the Bloomberg strategist said that the value of bitcoin has reached a critically low level and will not fall any further. However, such forecasts were made back in June, after which the BTC repeatedly fell in price. At the time, McGlone recommended that investors invest in a variety of assets, not just gold: «Investors are exposing themselves to unreasonable risk by putting all their eggs in one basket with gold.»