In a tweet on July 6, McGlone stated that the current price movement might be rewarding to responsive investors based on previous rallying foundations. The strategist stressed that there is a need for the general market to embrace the current market sell-off to build a strong financial system. According to McGlone, the current situation correlates with the internet bubble burst in the early 2000s.
Bitcoin and gold to dominate H2
McGlone’s latest take on Bitcoin comes after he projected that the asset, alongside gold, would likely dominate the markets for the rest of the year. He noted that dominance would emerge if the stock market continues to collapse based on monetary initiatives implemented by the Federal Reserve, like increasing rates. However, Bitcoin and broader markets have reacted negatively to the current high inflation environment wiping out the notion that the flagship crypto is a hedge against inflation. The plunge in Bitcoin culminated with the asset recording its worst quarter during Q2 2022 with returns of -56%. Despite the bullish outlook for the sector, several market leaders believe that the crypto market is still in trouble. As reported by Finbold, Danish-based Saxo Bank concluded that the crypto sector is still at a crossroads. The bank noted that the general market rally would depend on changes in the general macroeconomic sentiment, regulation and institutional adoption. Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
