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In a recent video interview with Scott Melker, Bloomberg’s senior commodity strategist, Mike McGlone, predicts Bitcoin to hit $100,000 in the next months, albeit preceded by a crash to as low as $30,000.
Although he had not long ago stated that $40,000 would be Bitcoin’s floor, McGlone said:
“If you buy [Bitcoin] at around $41,000, I think, maybe in less than a year, you should expect to go around $100,000.
But at these levels right now, we might easily see $30,000 first. And I fully expect that’s kind of the risk-reward because $30,000 has been the key support.”
Noting that he could be wrong, the Bloomberg strategist told Melker that he believes Bitcoin will follow the stock market in a downward move prior to breaking out.
“If the tide goes out, which I expect in equities, I fully expect Bitcoin to drop with it, gold to continue outperforming. And then Bitcoin and gold to come out ahead.
Now that’s a scenario. Now if I’m wrong, the stock market just keeps going straight up again, Bitcoin will outperform, like it has.”
Nevertheless, McGlone added, Bitcoin is still the best option of all cryptocurrencies out there, but it just needs to be “shaken out a little bit.”
“Key thing about cryptos is they are the speculative excess example of the future. They can trade 24/7, 18,000 of them. You know what happened in Shiba Inu and things like those. That’s just silly.
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New players only. Exclusive Welcome Bonus of up to $2,500But Bitcoin is the gold in the space. And it’s still speculative. I just really think it needs to be shaken out a little bit and then go back up as a whole market.”