Mike McGlone is a Senior Commodity Strategist at Bloomberg Intelligence. He has recently made an interesting statement. pessimistic prediction for BitcoinThe cryptocurrency’s rise up to $150,00 was not a realistic possibility. He has highlighted macroeconomic and technological trends that may make Bitcoin’s predicted surge of $150,000 difficult. Bitcoin’s performance in 2024.
Bitcoin Surge of $150,000, Unlikely
A recent interview Scott Melker hosts “The Wolf Of All Streets,” McGlone, in his podcast, discussed Bitcoin’s fundamentals as well as its potential rise to $150.000 during the bull cycle of 2024.
Compare Bitcoin with the stock market index, the S&P 500Bloomberg’s strategist revealed that cryptocurrency is currently showing signs of growth. “divergent weakness,” highlighting that Bitcoin’s performance against the S&P 500 in 2021 was greater compared to 2024.
Bitcoin, he revealed, was also showing a similarly weak performance. GoldEmphasizing the current market conditions as well as the short-term risk of deflation. financial market.
McGlone believes that these three factors are a combination which makes him believe in the idea Bitcoin’s short-term projected rise to $150,000 Was unlikely
McGlone, the Bloomberg strategist who made the foreboding predictions despite Bitcoin’s performance at the start of the year is still optimistic. the cryptocurrency’s price The long-term value of the company is its fundamental nature.
Dave Weisberger is the co-founder and CEO at CoinRoutes. He was in this podcast along with McGlone. optimistic prediction for Bitcoin. Weisberger predicted, using historical patterns and trends dating as far back 2015 as a basis for his analysis. Bitcoin could rise to $200,000 This is the cycle.
James Lavish revealed on a podcast that his forecast was also confirmed by the reformed manager of hedge funds, James Lavish. Spot Bitcoin ETFs Bitcoin could be a driver of its continuous growth. It is believed that the huge impact Bitcoin ETFs The price of the crypto currency after its launch in 2024, January 11th.
Bitcoin ETFs after the Spot were successfully released into the marketBitcoin’s price has soared to new highs, surpassing $73,000. CoinMarketCap reports that the price of Bitcoin at time of writing is $63,778, which represents a growth rate of 0.89% over the previous seven days.
BTC Crash is a Perfect Opportunity
Lavish says that if Bitcoin crashes down The range of $30,000-$40,000 would make it a great investment. “tremendous opportunity” For investors, acquire substantial value in a long-term asset This property will continue to increase in value.
He revealed that Bitcoin’s volatility on the short term and its unpredictability in the market could lead to long-term value capture. Investors could capitalize on the volatility of Bitcoin by strategically managing its price fluctuations. This could have a positive impact on the value of Bitcoin.
BTC Bears and Bulls Continue to Tug of War | Source: BTCUSD on Tradingview.com
Featured Image from ETF Stream. Chart from Tradingview.com
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