May 08, 2024 12:05
Mike McGlone, Senior commodity strategist at Bloomberg Intelligence, has made a rather pessimistic prediction for Bitcoin, emphasizing that the cryptocurrencys potential rise to $150,00 was a long shot. The strategist has revealed factors that could make Bitcoins projected surge to $150,000 difficult, highlighting both macroeconomic trends and Bitcoins 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 Bitcoins 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 Dont? 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 Bitcoins 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 Bitcoins short-term projected rise to $150,000 was unlikely. While the Bloomberg strategist made his foreboding prediction despite Bitcoins overperformance at the beginning of the year, McGlone still remains optimistic about the cryptocurrencys 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 Bitcoins continuous growth. This is attributed to the massive impact Bitcoin ETFs had on the cryptocurrencys 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 Bitcoins 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
World Crypto Global
