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Bloomberg Strategist: This Is the “Defining Moment” to Buy Bitcoin

The Russian invasion of Ukraine enters its second week, and the financial markets worldwide are still reeling from the shock. Meanwhile, the crypto market has seen immense volatility, with most assets moving from green to red and back again. According to an expert analyst from Bloomberg, it’s the ideal time to invest in Bitcoin.

Bitcoin’s Rollercoaster Ride

Last week, when news of war in Ukraine broke out, all financial markets plummeted. The crypto market did not make an exception, and its primary asset clearly showed it. Bitcoin dropped from nearly $39,000 to around $33,000 in just a few hours. As always, the rest of the crypto assets followed suit to draw a chilling bloodbath in the market.

Elsewhere, all stock exchange markets were dipping as people rushed to cash in on their holdings. Unsurprisingly, Russia’s stock market, MOEX, took the worst hit with a 50% drop before suspending trade altogether.

Fortunately, the crypto market did not drown in self-pity for too long. Seasoned traders know that crises are the best times to cash in on others’ FUD. So, with massive community support, among other factors, Bitcoin made a remarkable recovery. As a result, it surged up to $44,600 five days into the Russia-Ukraine war.

Bloomberg Strategist Signals Buying Opportunity

Mike McGlone, a Bloomberg senior commodity analyst, commented on the current state of financial markets. Talking on the Wolf of All Streets podcast, he claimed that most markets require a significant correction. However, few sectors need it as severely as those concerning equities and cryptocurrencies.

He said:

The key thing to point out here is cryptos and Bitcoin are still risk assets, and they’re giving up back a lot of gains. I still think there is more pain there. I don’t think Bitcoin gets much below $30,000. It’s holding good resistance around $40,000. I think this is ultimately going to be a very good buying opportunity for Bitcoin for longer-term traders. It’s going to be looked back upon in history as a defining moment.

McGlone believes that this unexpected crisis represents a “defining moment” for Bitcoin. And, despite intense market volatility, long-term investors with plenty of capital could see it as a “very good buying opportunity.”

It is not the first time Mike McGlone backs Bitcoin to overcome every hurdle in its way. In December 2021, he claimed that BTC is an enduring bull market. Moreover, the king coin’s recent run seems to confirm the commodity analyst’s theory.

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