Daniela Cambone, editor and presenter of Stansberry Research, and Darcy Daubaras, chief financial officer of HIVE, interviewed several crypto players on December 2nd. Among these is Mike McGlone, the famous Bloomberg Intelligence strategist. During his speech, McGlone spoke in particular about the bear market.
A final period of decline before a rise in prices!
Strategist Mike McGlone told to Daniela Cambone and Darcy Daubaras that we might be getting closer to the end of the downtrend. He explained : “Cryptos are already down 80%, and you just don’t want to be too bearish when one thing is down 80%. I think we are in the final stages of this bear market for cryptos, but it is not going to be easy.“.
Mike McGlone expects the bear market to strengthen further ahead of an uptrend. Indeed, he said:Markets generally don’t just do a v-bottom. They have to make it as hard as possible and the key thing I’ve learned from trading markets, especially bear markets, is that they will make you lose your hair, that they will take money from everyone“.
FTX bankruptcy and its impact on crypto prices
It should be noted that last month, Mike McGlone spoke about the consequences of FTX’s bankruptcy on the crypto market. He explained that this event had shaken confidence in the crypto industry. “The loss of confidence caused by the fall of FTX and its leader, Sam Bankman-Fried, is a shock for cryptos“, he said.
Furthermore, the strategist had explained that Crypto Collapse Could Impact Other Markets. “The collapse of bitcoin and cryptos could trigger macroeconomic dominoes (…), capitulation sell stops in most markets that have been under pressure this yearsays McGlone.
Strategist McGlone clarified that currently all financial markets except commodities are affected by falling prices. “This is not a crypto winter. It’s a winter for everything except one asset class. These are the raw materials. Commodities must fall. If they don’t, the Fed will keep raising rates until they do.“, he said.
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