There is good news for all the crypto enthusiasts who were looking for the perfect opportunity to invest in Bitcoin. According to the renowned Bloomberg senior analyst, Mike McGlone, Bitcoin is trading at a heavy discount. He also claimed that Bitcoin has a substantial chance of becoming the global digital collateral.
According to Forbes, the senior analyst used the benchmark that Bitcoin reached the lowest ever in July vs. Its 100-week moving average in July to come to this result. McGlone described this situation as Bitcoin will continue trading at a discount rate within an enduring bull market.
The senior analyst also talked about the effect of the Federation Reserve’s interest rate hike on Bitcoin prices. According to him, when the Federation Reserve rate was low in 2021, Bitcoin greatly benefitted from it. And thus, it is also going to face the effect of the current rate hike.
In the words of Mike McGlone, “Bitcoin is on its way to becoming global digital collateral in a world going that way. Ethereum is a primary driver of the digital revolution as evidenced by making possible the most widely traded cryptos — dollar tokens.”
Further, Mike McGlone also said that the star crypto is in the buy zone as of now. According to the Puell Multiple, Bitcoin is currently in the green zone, giving a strong buy signal.
So, for investors who are looking to invest in Bitcoin, this is a great time to take the plunge. However, the market is still subjected to constant fluctuations and risks. So, it is recommended that you do thorough research before investing.