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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.”
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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.
But 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.”