Bloomberg Analyst Is Bullish On Bitcoin

It seems that an analyst from Bloomberg is really bullish on Bitcoin. Check out the latest news about the most important coin out there.

Senior Bloomberg commodities analyst Mike McGlone said that Bitcoin’s (BTC) prospects over the long term look promising.

In a new Stansberry Research interview, McGlone made sure to explain the fact that he is “very bullish” on Bitcoin but warns that risk assets such as the flagship crypto asset face significant headwinds going forward.

“I’m very bullish on Bitcoin because of major reasons – it’s definable diminishing supply very low and [it’s] early days of adoption, you have to be long over time.”

He continued and said the following:

“But it also trades 24/7 and it’s a very significant leading indicator and it looks like it just might have rolled over from $30,000. I just can’t see how we’re going to get what I view as a significant contraction in risk asset prices without Bitcoin, still a risk asset, going down.”

He believes that the recent price gains Bitcoin has enjoyed are “absolutely” attributable to a “bear market rally.” McGlone says that when other correlated assets start declining in value in case a recession hits, Bitcoin will follow suit.

“I’m afraid what’s happening with Bitcoin is people are looking at it like the bank crisis has helped – it will go that way and trade more like gold and long bonds. But I think it’s more about everything’s up this year and Bitcoin’s the fastest horse in the race. It was the fastest on the way down, the fastest up this year…”

The analyst continued and stated this:

“Bitcoin’s up almost 80% in the year and it might just start to roll over. It trades 24/7, it’s clearly a leading indicator.”

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $28,159.