Bitcoin reached fundamental values in 2022 in much the same scenario that was observed at the end of 2018.
As Bloomberg strategist Mike McGlone noted, in the coming months we will be able to observe the first phase of consolidation in which the cryptocurrency market was in 2019.
The fall of bitcoin was the result of a sharp tightening of monetary policy in the United States. The Federal Reserve chose to raise rates to curb inflation, which is why activity in the market for risky assets has declined sharply in the past year.
Ultimately, BTC, as after 2019, will be in the bullish zone. The trend change will take place at the moment when macroeconomic factors become more favorable for the IT sector, including the blockchain industry.
If the Fed refuses to raise rates in 2023, then the growth of bitcoin will become aggressive, Bloomberg analyst emphasized.
However, one should not expect a quick rebound, as the stock market is still under strong pressure, and capital is in no hurry to expand its presence in the technology sector.