During a Jan. 16 interview with Scott Melker, McGlone argued that unlike in 2018 when financial institutions like the Federal Reserve were easing rates, they are still tightening this time around, along with “every central bank.” .
“At that time the Fed really started easing and we held the bottom and broke higher and then we had this problem in 2019,” he said.
“Right now, they’re very narrowing, so you look at that and you can’t get too excited about any markets. Give it some time. Big picture, yeah, bitcoin is really bullish,” McGlone added.
Graph showing bitcoin market prices. Photo: Mike McGlone
McGlone also warned that Bitcoin may not see a boom forecast just yet, given the tough macroeconomic conditions and pressure from rate hikes.
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He believes that the Nasdaq is likely to drop below its 200-week moving average, which he claims is another indication that a BTC price rally may not happen soon.
“Liquidity is being pulled away, and if the Nasdaq collapses, everything collapses, and Bitcoin is a part of it.”
He added, “I still think she’s going to come out ahead, and that’s where we stand.”
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McGlone also said that the market has entered an “unprecedented” environment, “where we’re seeing a bounce back in what we know of bear markets, and the Fed is just saying, sorry we’re taking the ball away, we’re not giving it back to you.”
“I still believe we are in the midst of the biggest macroeconomic reset of our lifetimes, we just had a 100 year event in terms of the pandemic, we have a historic war in Europe and we have a historic shift in political leadership in China.
“I mean it goes back to the days of the Soviet Union when you had one leader and you expected it to be economically viable.”
