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Crypto is 'oversold' according to Bloomberg analyst

The crypto market crashed in June 2022. A leading Bloomberg analyst sees an "extreme discount" in current prices.

By Mike Hesp
• 2 min read
Crypto is 'oversold' according to Bloomberg analyst

The crypto market crashed in June 2022. A leading Bloomberg analyst sees an "extreme discount" in current prices.

Bloomberg analyst Mike McGlone believes that crypto is currently oversold. He said this in an interview with Forbes. Inflation, tighter monetary policy, energy shortages, and the war in Europe: the crises of these times also knocked the crypto market down in June. The price is down 70% from its November 2021 all-time high.

Mike McGlone notes: "The crypto market hit its lowest level ever in July against its 100-week moving average." He sees an "extreme discount within a sustained bull market." McGlone sees Bitcoin and Ethereum "coming out as winners here."

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