Bitcoin Shows Bull Pattern but 'Be Very Careful' Ahead of the FOMC Meeting, Analyst Cautions

Bitcoin (CRYPTO: BTC) is flashing a bull pattern but macro analyst Mike McGlone on Monday warned to “be very careful” getting sucked in ahead of Wednesday’s Fed rate hike.

What McGlone Sees in the Chart

McGlone told The Wolf of All Streets macro panel that Bitcoin’s chart shows an island bottom bull flag with price struggling at the 50-week moving average. 

The pattern looks constructive on the surface, but he drew a sharp parallel to gold in Q1 2013, when technicals looked equally strong before a 50% collapse. 

His line in the sand is clear: a weekly close above the 50-week moving average forces him to reassess. Until then, he stays cautious.

Macro investor Jordi Visser pushed back directly, pointing out that Bitcoin has held near $78,000 for three straight weeks while oil surged, gold fell, and stocks dropped. 

That kind of strength against traditional risk-off pressure is not a warning sign to him. 

Visser frames Bitcoin as the financial infrastructure layer that AI agents will need to transact on, tying its long-term value directly to AI adoption rather than just market sentiment.

What the Fed Decision Means for Bitcoin

Jim Bianco told the panel that with Polymarket pricing a September hike at roughly 80% and CME FedWatch above 90%, Wednesday’s decision is effectively locked in.