Bloomberg’s Mike McGlone Reveals Why A $150,000 Bitcoin Price Target Is Far Off
May 07 2024 - 2:00PM
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Mike McGlone, Senior commodity strategist at Bloomberg
Intelligence, has made a rather pessimistic prediction for Bitcoin,
emphasizing that the cryptocurrency’s potential rise to $150,00 was
a long shot. The strategist has revealed factors that could make
Bitcoin’s projected surge to $150,000 difficult, highlighting both
macroeconomic trends and Bitcoin’s performance in 2024.
Bitcoin Surge To $150,000 Unlikely In a recent interview with Scott
Melker, the host of “The Wolf Of All Streets,” podcast, McGlone
discussed Bitcoin’s price fundamentals and its possible rise to
$150,000 in the 2024 bull cycle. Related Reading: Crypto
Whale Spends $10.4 Million On PEPE, Do They Know Something You
Don’t? Comparing Bitcoin with the stock market index, the S&P
500, the Bloomberg strategist disclosed that the cryptocurrency was
currently showing “divergent weakness,” highlighting that Bitcoin’s
performance against the S&P 500 in 2021 was greater compared to
2024. He also revealed that Bitcoin was displaying a similar
weak performance to Gold, emphasizing current market conditions and
the risk of short-term deflation in the financial market. The
combination of these factors pushes McGlone to believe that
Bitcoin’s short-term projected rise to $150,000 was unlikely.
While the Bloomberg strategist made his foreboding prediction
despite Bitcoin’s overperformance at the beginning of the year,
McGlone still remains optimistic about the cryptocurrency’s price
and fundamental value in the long term. Co-founder and CEO of
CoinRoutes, Dave Weisberger, who was also in the podcast with
McGlone, made a more optimistic prediction for Bitcoin. Basing his
analysis on historical trends and patterns as far back as 2015,
Weisberger forecasted that Bitcoin could rise to $200,000 this
cycle. His forecast is also acknowledged by reformed hedge
fund manager, James Lavish, who revealed in the podcast that Spot
Bitcoin ETFs could become a potential driver for Bitcoin’s
continuous growth. This is attributed to the massive impact Bitcoin
ETFs had on the cryptocurrency’s price following its launch on
January 11, 2024. After Spot Bitcoin ETFs were successfully
released into the market, the price of Bitcoin skyrocketed to new
all-time highs above $73,000. At the time of writing, the
cryptocurrency is trading at $63,778, marking a 0.89% increase over
the past seven days, according to CoinMarketCap. BTC Crash
Presents Perfect Opportunity According to Lavish, if Bitcoin
crashes down to the $30,000 to $40,000 range, it would present a
“tremendous opportunity” for investors to acquire substantial value
in a long-term asset that will essentially hold its value and
continue to appreciate in the future. Related Reading: Crypto
Analyst Says Cardano Bloodbath Far From Over, Sets Bottom Price For
ADA The reformed hedge fund manager revealed that Bitcoin’s
short-term volatility and market unpredictability could produce
long-term capture of value. This suggests that by strategically
navigating through the price fluctuations of Bitcoin, investors
could potentially capitalize on its volatility to accumulate wealth
over time, which in turn could favorably impact the price of the
cryptocurrency. BTC bears and bulls continue tug of war | Source:
BTCUSD on Tradingview.com Featured image from ETF Stream, chart
from Tradingview.com
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