Bloomberg Strategist Says Bitcoin is Trading at a Significant Discount

Mike McGlone, senior commodities strategist at Bloomberg Intelligence, has said that Bitcoin is trading at a significant discount in a sustained bull market, Forbes reports.

According to him:

“The first cryptocurrency hit an all-time low in July compared to its 100-week moving average.”

He has emphasized the high importance of the stock market, with which Bitcoin shows a noticeable correlation. He has added:

“There are several more powerful forces in the markets than when the stock market falls at a high rate, as happened in the first half of the year.”

McGlone has mentioned the key role of the Federal Reserve (Fed), which is pursuing aggressive rate hikes this year. This could potentially create a hurdle for risky assets, including cryptocurrencies and equities. He has urged not to fight the Fed.