As a crypto investor with some experience in the market, I find McGlone’s pessimistic prediction for Bitcoin’s surge to $150,000 in 2024 somewhat concerning but not entirely surprising. The macroeconomic trends and Bitcoin’s current performance against the S&P 500 and Gold are valid factors that could impact its price in the short term.
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has expressed doubt over Bitcoin reaching $150,000, deeming it a less likely outcome. He has identified several reasons why this predicted spike may face challenges, taking into account both broader economic patterns and Bitcoin’s behavior in the year 2024.
Bitcoin Surge To $150,000 Unlikely
During a recent conversation on “The Wolf Of All Streets” podcast hosted by Scott Melker, Michael McGlone shared his insights on Bitcoin’s underlying value drivers and the potential for its price to reach $150,000 during the next bull market cycle, expected to occur around 2024.
The Bloomberg strategist pointed out an intriguing contrast between Bitcoin and the S&P 500 index: while Bitcoin underperformed the stock market benchmark in 2021, its disparity from the S&P 500’s performance was more pronounced compared to the forecasted years 2024.
In simple terms, he pointed out that Bitcoin’s subpar showing was mirroring Gold’s behavior, highlighting the present economic climate and the potential for brief price decreases in the financial sector due to deflationary pressures.
Based on my analysis of the given factors, I don’t believe it’s plausible for Bitcoin to reach a short-term peak of $150,000.
As a crypto investor, I’ve been keeping a close eye on the market analysis from various strategists, including the one from Bloomberg who recently expressed concern despite Bitcoin’s strong start to the year. However, I continue to hold onto my optimism regarding Bitcoin’s price and fundamental value in the long term, as articulated by McGlone.
According to Dave Weisberger, the co-founder and CEO of CoinRoutes, who appeared alongside McGlone in a podcast, there’s reason for optimism regarding Bitcoin’s price. By examining historical trends and patterns dating back to 2015, Weisberger anticipates that Bitcoin could reach an astounding $200,000 during this market cycle.
As a researcher studying the impact of Bitcoin Exchange-Traded Funds (ETFs) on the cryptocurrency market, I’ve come across James Lavish’s perspective, who is a former hedge fund manager and a guest in a recent podcast. He shares my view that Spot Bitcoin ETFs could significantly contribute to Bitcoin’s ongoing price increase. This belief stems from the substantial price surge experienced by Bitcoin following its ETF launch on January 11, 2024.
As a crypto investor, I’ve witnessed the exhilarating rise in Bitcoin’s price since the introduction of Spot Bitcoin ETFs into the market. These ETFs opened up new opportunities for institutional investors to enter the Bitcoin market, leading to unprecedented demand and soaring prices. At present, Bitcoin is trading at $63,778 on major exchanges, representing a 0.89% weekly gain based on data from CoinMarketCap.
BTC Crash Presents Perfect Opportunity
Based on Lavish’s perspective, a Bitcoin price drop to the $30,000 to $40,000 level would create an “excellent buying chance” for investors looking to add a significant amount of this long-term asset to their portfolios. This investment could potentially maintain its value and increase in worth over time.
As a researcher studying the cryptocurrency market, I’ve come to realize that Bitcoin’s short-term instability and unpredictability may actually offer long-term value capture opportunities. By carefully maneuvering through the currency’s price swings, investors could potentially benefit from its volatility and amass wealth over an extended period. This strategic accumulation of Bitcoin could, in turn, positively influence the overall market price.
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2024-05-07 21:04