Mike McGlone: "Bitcoin Moves Ahead of Interest Rates… Bloomberg Model Suggests a Sell Timing"
Minseung Kang
Summary
- Strategist Mike McGlone said that Bitcoin is showing the trend of U.S. interest rates in advance.
- He stated that the recent rise in Bitcoin may temporarily pause.
- The Bloomberg Economics model suggests selling Bitcoin at this time.
Mike McGlone, a strategist at Bloomberg, said that Bitcoin may be signaling the upcoming trend of U.S. interest rates in advance, and that the recent upward momentum may pause temporarily.
On the 29th, Mike McGlone, Bloomberg's commodity strategist, posted on X (X, formerly Twitter), "Bitcoin is sometimes called 'the fastest horse in the race,' and as of the closing price on the 22nd of this month, it reached an all-time high of 111,000 dollars," adding, "Bitcoin's price movement may be reflecting future trends of interest rates, especially U.S. Treasury yields, ahead of time."
He said, "The Bloomberg Economics model is currently suggesting selling Bitcoin," indicating the potential for a short-term peak.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
