Here’s When Bitcoin (BTC) Price Will Start Actual Bull Run -Predicts Mike McGlone

The post Here’s When Bitcoin (BTC) Price Will Start Actual Bull Run -Predicts Mike McGlone appeared first on Coinpedia Fintech News

The Federal Reserve’s interest rate hike by 75bps has majorly impacted the crypto market as once the results were announced, the already bearish market saw another leg down.

The world’s first cryptocurrency, Bitcoin, which had managed to regain the $19,000 level, has now yet again dropped to around the $18,000 area. The King currency is now leading the bear market where most of the altcoins are following.

Meanwhile, the veteran commodity strategist at Bloomberg Intelligence, Mike McGlone is asserting that the current Bitcoin value has plunged towards a massive discount even though the flagship currency maintains the status of a safe asset.

The analyst further claimed that with the increased interest rate hike, Bitcoin is expected to face more price crunch.

McGlone Hopes For Bullish For Bitcoin

On the flip side, even though the crypto market has been experiencing corrections for a long time, McGlone has previously claimed that the Bitcoin price will hit $100,000 soon. He is still holding on to his claim and says the first-born currency will start its upward movement once the macroeconomic factors settle in.

On the other hand, Gareth Soloway, the chief marketing strategist at InTheMoneyStocks.com is of the opinion that Bitcoin will see a further price crunch where the currency will drop to the $12,000 level.

On the whole, with yesterday’s rate hike and continued downward trade, it looks like Bitcoin will not see any leg up above the $20,000 area. At the time of publication, Bitcoin is selling at $19,094 after a slight surge of 1.49% over the last 24hrs.