Mike McGlone is convinced that bitcoin is entering a growth stage — here are the signs

Mike McGlone, a cryptocurrency analyst and strategist at Bloomberg, is convinced that bitcoin is entering a growth phase. McGlone shared his point of view with his Twitter followers, citing signs that BTC is expected to grow in value in the near future.

According to McGlone, the main evidence that RECs are more promising than gold and will soon start growing is the current stability. The expert drew attention to the fact that the price of bitcoin remained at $ 19,000 even after the last interest rate hike by the US Federal Reserve.

«Our chart shows the main obstacle for most digital assets in 2022: aggressive Fed interest rate hikes to suppress inflation. It is a sign of the strength of ETH that its value at $ 19,500 in October is about the same as in June, and the Fed has raised rates ,» Mike McGlone explained.

In early October, Mike McGlone said that the peak in commodity prices indicated that bitcoin had reached the bottom of its value. Commodities were the only asset class that showed growth in the first half of the year. The analyst believes in the potential of the flagship cryptocurrency to move into the category of risk-free assets, such as gold and US Treasuries, in the second half of 2022.