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Bitcoin Traded At Steepest Discount, Bloomberg Analyst Says

Bitcoin has been making headlines a lot, and there are a lot of optimistic predictions about the king coin these days. Check out the latest issue debated by an important Bloomberg analyst.

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Bloomberg Intelligence senior commodity strategist Mike McGlone just stated that the crypto market crash recently reached extreme levels.

McGlone says Bitcoin (BTC) recently traded at the steepest discount since the computation of the king coin’s 200-week moving average began.

“The steepest Bitcoin discount on September 20 since its 200-week moving average could be calculated shows the extremity of the crypto crash and risk vs. reward for shorts vs. potential resumption of the elongated upward trajectory.”

It’s also worth noting the fact that Bloomberg Intelligence strategist said that the aggressive interest rate increases by the U.S. Federal Reserve offer 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 to back – aggressive Federal Reserve rate hikes – but it’s a question of the end game. At about 4.3%, the one-year federal funds future (FF13) has never dropped faster relative to its 200-week moving average.”

Regarding Bitcoin’s price today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $19,081.

Bitcoin flashes a bullish signal

Earlier today, we revealed that the analytics firm Santiment says both Bitcoin (BTC) and XRP are flashing bullish signals amid the market downturn.

Starting with Bitcoin, Santiment stated the fact that the social dominance metric of the king coin has gone up.

Santiment said that the social dominance metric, which indicates the percentage of discussions on various platforms focused on one asset at any given time relative to other assets, has historically acted as a reliable signal for predicting the bottom.

Check out more details about the issue in our previous article.

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