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Mike McGlone, a commodity analyst, suggests that ‘Bitcoin Appears Poised To Resume Its Inclination and Outperform’

Commodity Analyst Mike McGlone Suggests 'Bitcoin Appears Poised to Resume Its Inclination to Outperform'

Bloomberg Intelligence senior commodity analyst, Mike McGlone, believes a “warm spell” is coming in terms of bitcoin markets as the market strategist detailed on Monday that “bitcoin appears poised to resume its inclination to outperform.” McGlone’s comments follow his previous prediction that noted bitcoin and ethereum appear to have “completed the bulk of their drawdown.”

Mike McGlone believes a crypto ‘Warm Spell” is in the cards, suggesting that Bitcoin will resume its climb in value when the ‘Fed Pivots to Ease ‘

are completed
Mike McGlone believes bitcoin is on the verge of healing, as he tweeted about a “warm” spell Monday. McGlone’s comment details that “what was resistance for bitcoin vs. Nasdaq 100 stock index at 1:1 may be transitioning to support.” McGlone also shared a chart that he says indicates the “crypto price escaping confinement of the stock index level in 4Q20, on the back of unprecedented fiscal and monetary stimulus.”

Commodity Analyst Mike McGlone Suggests 'Bitcoin Appears Poised to Resume Its Inclination to Outperform'
Chart shared by Mike McGlone on Monday, Dec. 19, 2022.

Right now, McGlone says what’s been consistent for most of the benchmark crypto’s history is “its declining relative risk vs. the stock index.” “At 2x,” the market strategist continues, “Bitcoin’s annual volatility at the end of 2022 compares with 4x at the end of 2021.” Bloomberg’s senior commodity analyst added:

Next year may be about how much lower global economies fall. The risk-reward argument seems to be against under-allocating bitcoin or estimating its propensity to become digital collateral.

Bitcoin Crosses, the Crypto Looks to Regain Upper Hand Over Tesla — The near certainty of declining #Bitcoin supply vs. the rising amount of #Tesla shares outstanding favors outperformance by the crypto, if the rules of economics apply. pic.twitter.com/JNQVpOB6za

— Mike McGlone (@mikemcglone11) December 19, 2022

Bitcoin is down more than 75% lower than the crypto asset’s all-time high (ATH) reached on Nov. 10, 2021, at $69,044 per unit. Over the last 14 days, BTC has slid 2.3% lower against the U.S. dollar and since the start of Nov. 2022, following the FTX collapse, BTC has dropped 16.5% against the greenback. Bitcoin’s market capitalization is around $322 billion, which represents 38.2% of the $843 billion crypto economy.

McGlone suggests that bitcoin’s warm spell won’t materialize until the U.S. Federal Reserve shifts towards monetary easing. McGlone said, “A warm spell is ahead.” “Bitcoin Crosses vs. Propensity to Outperform – The world’s benchmark digital asset has taken a beating in 2022 with most others, but bitcoin appears poised to resume its inclination to outperform. McGlone concludes his tweet by saying that the Fed will pivot to easing.

What do you think about Bloomberg’s senior commodity analyst Mike McGlone’s opinion about the warm spell ahead? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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