Amid the recent Russia-Ukraine crises, every crypto user is uncertain what should be done in these uncertain times. Bloomberg Analyst Mike McGlone believes it is a great opportunity to buy Bitcoin (BTC) to hedge against the negative financial impact of war.
In a YouTube podcast with Scott Melker, the host of The Wolf of All Streets podcast, on Thursday, February 24, Senior Commodity Strategist at Bloomberg Intelligence Mike McGlone said that it was a great time for long-term traders to buy Bitcoin.
Bloomberg Analyst Says Buy Bitcoin Now
The crypto community woke up to another market crash as Russia declared war on Ukraine on Thursday morning, February 24. As Crypto Economy reported, almost every coin and token tanked double-digit following the news of the invasion. The world’s largest cryptocurrency Bitcoin (BTC) fell 9% in the early hours of Thursday, losing $2,000 in less than an hour.
All eyes are now on Bitcoin as people expect that the coin should now behave as digital gold and go up in price. Meanwhile, many have suggested that it can plunge to the $30,000 price levels in the coming days.
However, according to Mike McGlone, Bitcoin (BTC) will never go below $30,000 levels. In a response to the question about the crypto market following the recent chaos, he said:
“This is a tremendous (buying) opportunity most notable for people who have maybe raised a little bit of cash. We’ve been pointing out for months that the market is way overdue for a pretty significant correction, most notably in terms of equities. We are getting that correction in cryptos. I don’t think Bitcoin (BTC) gets much below $30,000. It is holding good resistance around $40,000 and I think this is going to ultimately be a very good buying opportunity for Bitcoin for longer-term traders.”
Reports suggest that the Thursday morning crash led to a $500-billion crypto sell-off. In a February 22 tweet, McGlone pointed out that the stock market might be more vulnerable than Bitcoin (BTC) in situations like these. According to him, Bitcoin is approaching levels that have often resulted in good price support. His tweet reads:
About 20% below its 50-week ma, #Bitcoin is approaching too-cold levels that have often resulted in good price support. Our graphic depicts the most extreme discount for the crypto vs. its annual average since the 2020 and 2018 lows. On Feb. 22, the #DowJones was close to parity pic.twitter.com/SXUaEv0jow
— Mike McGlone (@mikemcglone11) February 22, 2022
“About 20% below its 50-week ma, #Bitcoin is approaching too-cold levels that have often resulted in good price support. Our graphic depicts the most extreme discount for the crypto vs. its annual average since the 2020 and 2018 lows. On Feb. 22, the #DowJones was close to parity”
Bitcoin (BTC) is Behaving as Expected
Contrary to the fears that BTC’s price will fall below $30,000, the cryptocurrency was quick to recover its losses on late Thursday. In line with its reputation as a hedge, Bitcoin has fully retraced its panic sell-off and is 10.83% up in the last 24-hours, changing hands at above $38,500 at the time of writing.