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Bloomberg Strategist: “We’re in the Final Stages of This Bear Market for Cryptos”

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In a recent interview, Mike McGlone, a Senior Commodity Strategist at Bloomberg Intelligence (Bloomberg’s research arm on the Bloomberg Terminal”), shared his thoughts on the crypto market.

McGlone’s comments were made during an interview (released two days ago) with Daniela Cambone, Editor-at-Large and Anchor at Stansberry Research, “a subscription-based publisher of financial information and software.”

According to a report by The Daily Hodl, he said:

“Cryptos have already backed up 80%, and you just don’t want to get too bearish when a thing is down 80%. I think we’re in the final stages of this bear market for cryptos, but it’s not going to be easy. Typically markets don’t just make a V bottom. They have to make it as difficult as possible and the key thing I’ve learned trading in markets, especially bear markets, is they’ll make you lose your hair, they’ll take money from everybody and they have to be volatile and difficult. That’s the key thing...

Remember, this is not a crypto winter. This an everything winter, except for one asset class. Those are commodities. Commodities have to go down. If they don’t, the Fed is going to keep tightening until they do, and so that that’s to me the way I look at it.

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In an interview released on 26 November 2022, McGlone predicted how low the Bitcoin price could go in the short to medium term. According to a report by The Daily Hodl, during an interview with Cassandra Leah, the host of YouTube series “The Deep Dive”, McGlone had this to say about Bitcoin:

Bitcoin broke down hard for a good reason. I think it has further downside… First of all let’s start off optimistically. In the big picture, I still see the base case for Bitcoin as a nascent asset/technology. It’s going to advance over time. But in the meantime, we’re in that pain stage that’s compared to the Internet stocks around 2000, 2002... It might reach a very good floor around $10,000 to $12,000 there. That’s very solid support. And then eventually at some point, it is going to come out ahead and resume that upward trajectory.

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As for Ethereum, he said:

One thing I’ve been watching, keeping a close eye on, is Ethereum. Ethereum around $1,200 as we speak on Thursday the 17th is still up about 12x from the end of 2019, which is right before COVID hit. So let’s look at that level around $1,000 as a pretty good solid support.

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On 23 November 2022, During an interview on YouTube series “The Birb Nest”, McGlone told the host of the show’s host Adrian Zduńczyk:

Initially, when the market broke down that was my indication it’s going to continue to break down because volatility is almost always a great indicator, particularly when you reach an all-time low. When markets breakout from a consolidating range with a good reason, it means it’s going down a lot lower. So that’s why I put out initially that Bitcoin might not reach a plateau until the $10,000-$12,000 area.

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On 9 November 2022, McGlone had this to say about how the collapse of SBF’s FTX empire could impact the Bitcoin price in the next several weeks:

“The breakdown of Bitcoin and crypto assets may trigger capitulation sell stops in most markets that have been under pressure this year... The great risk-asset reversion of 2022 has become clear as of November 9, but it’s the remaining trading sessions that may set the stage for 2023, with Bitcoin – one of the fastest horses in the race, and top leading indicator – breaching support and risks revisiting $10,000 support...

The loss of confidence from FTX’s downfall and its leader, Sam Bankman-Fried, is a shock to cryptos, but the macroeconomic dominoes may be more significant.

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