Bloomberg Analyst Doubles Down on $100,000 Bitcoin (BTC) Prediction – But There’s a Big Catch
Bloomberg Intelligence’s senior macro strategist Mike McGlone is doubling down on his $100,000 Bitcoin (BTC) prediction however says that the king crypto might encounter a significant setback on the best way.
In a brand new interview with crypto influencer Scott Melker, McGlone says that he nonetheless envisions the king crypto ultimately hitting a six-figure price ticket however warns it’d dip beneath the $20,000 degree en path to doing so.
“Bear in mind, I made the decision for [a] $100,000 Bitcoin when it was buying and selling beneath $20,000… I nonetheless stick to that in the long run, however I feel it’s extra prone to drop 50% and get right down to $20,000, even make a brand new low earlier than it goes on that trajectory.”
To help his prediction, McGlone factors towards Treasury payments paying out over 5% and the Federal Reserve’s persevering with financial tightening insurance policies.
“After I see issues like, I can get 5 and 1 / 4 in a Treasury invoice? Completed.
I take a look at the Case-Shiller index or the Home index. It simply was nearly on the highest ever proper earlier than like 2006, up 20%. Now it’s down 1%. That’s collapsing.
I take a look at the Fed nonetheless tightening and the very last thing that at all times often falls is the inventory market, simply take a look at your historical past.”
The Case-Shiller index is designed to trace modifications in actual property costs throughout the nation. The index hit its all-time excessive in June final yr and has been trending down since.
McGlone goes on to say that BTC might not be capable of spark a bull run as a result of macroeconomic surroundings.
“I’d like to be bullish [on] Bitcoin, however in case you take a look at that value proper now at $30,000, the primary time it traded (at) $30,000 was proper on the finish of 2020, proper the start of 2021. So it’s unchanged.
And in case you take a look at the NASDAQ over the identical interval, it’s up 20%, but the volatility in NASDAQ is half that of Bitcoin.
So proper now, Bitcoin’s nice. It’s acquired all these ETFs (exchange-traded funds) coming in. We’ve got the hopium for the ETFs, however the precise efficiency versus the NASDAQ – which has acquired AI and every thing going for it – I take a look at it as [if] I’m disenchanted, and I feel the issue is I sense means [too] a lot bullishness, however but the macro could be very unfavorable. The Fed continues to be taking away the punch bowl.”
Bitcoin is buying and selling for $30,030 at time of writing, a fractional enhance on the day.
I
Do not Miss a Beat – Subscribe to get e mail alerts delivered on to your inbox
Verify Value Motion
Comply with us on Twitter, Facebook and Telegram
Surf The Each day Hodl Combine
Generated Picture: Midjourney
