In spite of the fact that Bitcoin has not had a historically unprecedented December as many leading analysts anticipated, the bear market might still be a significant way off, according to one strategist.
During a discussion with Bloomberg’s Paul Sweeney and Sonali Basak on December 22 on The Tape Podcast, Bloomberg Intelligence’s Senior Commodity Strategist, Mike McGlone, shared his positive outlook for the cryptocurrency market.
While he described oil as being in a “bear market,” he considers Bitcoin as being in the exact opposite situation. The cryptocurrency has gained 64% year to date thus far and has more than doubled in value since this time last year, with McGlone describing the asset as being in an “enduring bull-market.”
