Bitcoin Is Trading at a Discount, Says Bloomberg Senior Analyst

[FMCPAY_GLOBAL]

Senior Bloomberg Analyst Mike McGlone has said that Bitcoin is currently trading at a massive discount and could become global digital collateral.

According to Forbes, McGlone relied mostly on technical analysis of the 100-week moving average. In July, Bitcoin reached its lowest ever price vs the 100-week moving average. He pointed out that cryptocurrencies benefited from the low-interest rate levels of 2021, and it’s not surprising that they’re also affected by the rate hike. But he believes that Bitcoin and Ethereum’s performance might soon defy the rate hikes and rise despite it as several indicators point to the possibility of a bull run.

(Source: Beincrypto)

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[NeuroticFish]

Crypto winter for some, summer sales for some others 

Indeed, it's trading at a discount, especially in the last 2 months. And this situation may last some more months, or the price may drop some more, or maybe the crypto winter is already over (we just have a pump - maybe small, maybe not). However, crypto winter will end. And then some will be crying again that they've missed the train. It happens all the time.

However: this is speculation, not financial advice.

Of course, although it holds not much of value (since it's speculation), it's nice to have such things coming from a "Bloomberg Senior Analyst" (although I don't care much of such a title, I expect some do).

[Kakmakr]

Well, you do not have to be a rocket scientist to figure out that something that sold for $60 000 in the past ...and currently selling for $20k+ ....are selling at a discount now. The price history of Bitcoin has also shown us that a recovery is possible, so that is also not a big surprise.

What I think will have a longer impact is the after affect of Covid... and the higher inflation and higher interest rates. People simply do not have disposable cash to invest in high risk investments now. (or alternative currencies) 

[ninapetrov]

I think now is a great long term investment opportunity for bitcoin and a couple of altcoins that won't disappear in 2-3 years and has a chance to outperform ATH (in my opinion they are ETH,AVAX,EGLD,BNB).
According to my strategy bitcoin will go into a bullish trend after it has passed and secured above the $50k level. Anything below that is just a rebound in a bear market and that also can and should be traded (if you know how).
In general I would recommend many traders, especially those for whom this is the first cycle change, to reduce the trading deposits in order to cut the potential losses.
The main thing now is to survive the crypto winter and not to lose all the profits that were earned on the bullpen.

[Oshosondy]

Bitcoin Is not trading at discount, it is trading at its normal price, which is the price people are buying and selling it on exchanges. But I understood what the news is talking about though, the price of bitcoin has massively decreased and the price is expected to increase later in time.

However: this is speculation, not financial advice.

People should invest what they can afford to lose, but investing it will not be a regret if left for long, the price will increase. You are very correct.

Well, you do not have to be a rocket scientist to figure out that something that sold for $60 000 in the past ...and currently selling for $20k+ ....are selling at a discount now. The price history of Bitcoin has also shown us that a recovery is possible, so that is also not a big surprise.

That just meant that bitcoin price has decreased and the people that have not yet invested and discouraged by the high price can invest now, but that does not mean bitcoin is selling at discount. If for example that bitcoin is selling at $24000 today, but someone is selling it at $20000, that means it is selling at discount, but that would probably be a scam attempt.

[PrivacyG]

No need to even be a specialist.  All you need is to check out the All Time graph of Bitcoin and you will find out this is yet another discount, another opportunity to purchase at much lower prices.  If only everyone who has been through such 'winters' before would finally start investing at low prices and selling higher instead of the opposite.  Whenever Bitcoin's price drops, I see it as if another chance to do what I did not do a few years ago.

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Regards,
PrivacyG

[Betwrong]

Crypto winter for some, summer sales for some others 

Indeed, it's trading at a discount, especially in the last 2 months. And this situation may last some more months, or the price may drop some more, or maybe the crypto winter is already over (we just have a pump - maybe small, maybe not). However, crypto winter will end. And then some will be crying again that they've missed the train. It happens all the time.

However: this is speculation, not financial advice.

Of course, although it holds not much of value (since it's speculation), it's nice to have such things coming from a "Bloomberg Senior Analyst" (although I don't care much of such a title, I expect some do).

I, for one, do. So, it feels double nice for me.

Also, I think it's statements like this one by Bloomberg Senior Analyst is what's pushing the price of Bitcoin up, maybe only by 5%, but still. And will people who followed his advice and invested in BTC at today's price regret it in the future? I seriously doubt that.

[Wind_FURY]

Crypto winter for some, summer sales for some others  

Indeed, it's trading at a discount, especially in the last 2 months. And this situation may last some more months, or the price may drop some more, or maybe the crypto winter is already over (we just have a pump - maybe small, maybe not). However, crypto winter will end. And then some will be crying again that they've missed the train. It happens all the time.

However: this is speculation, not financial advice.

Of course, although it holds not much of value (since it's speculation), it's nice to have such things coming from a "Bloomberg Senior Analyst" (although I don't care much of such a title, I expect some do).

Hahaha yes! That Bloomberg Senior Analyst must have been zooming the chart out to the maximum recently, and have just discovered the "HODLer's Secret". Simply shutting all the market noise off, and have conviction in a low time preference Bitcoin investment. Another HODLer's secret is, store ALL of your coins for HODLing in cold storage to help you resist/kill the temptation of selling.