Bitcoin To $100k Despite Economic Hurdles, Says McGlone

Bitcoin King

Bloomberg Intelligence’s senior macro strategist, Mike McGlone, maintains an optimistic view on Bitcoin’s long-term prospects, sticking to his price forecast of $100,000.


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Bloomberg Intelligence’s senior macro strategist, Mike McGlone, stands by his earlier prediction of Bitcoin (BTC) reaching a six-figure price. However, he recognizes potential significant challenges along the way.

During a conversation with crypto influencer Scott Melker, Bloomberg Intelligence’s senior macro strategist, Mike McGlone, reaffirmed his conviction in the long-term value proposition of Bitcoin. He mentioned the possibility of a retreat to prices below $20,000 before eventually climbing to the $100,000 threshold.

McGlone’s Financial Outlook:

Mike McGlone highlighted significant yields of over 5% from Treasury bills and ongoing Federal Reserve monetary tightening as crucial indicators. He expressed particular concern about the housing market, pointing to a recent 1% drop in the Case-Shiller index, which tracks real estate price shifts across the US. The index reached its peak in June 2022 and has since seen a downward trend, reminiscent of the 2006 decline.

McGlone’s View on Bitcoin’s Bullish Run:

In the current economic landscape, Mike McGlone believes that Bitcoin may face challenges in initiating a bullish run. He draws a perspective by comparing Bitcoin with the NASDAQ, where Bitcoin prices have remained stagnant since reaching $30,000 at the end of 2020, while the NASDAQ index has shown a 20% increase during the same period.

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Bitcoin price since 2020 | Source: CoinMarketCap

NASDAQ Outperforms Bitcoin Amidst Lower Volatility:

The NASDAQ’s more robust performance, driven by various promising assets, including AI technology, is evident in significantly lower volatility compared to Bitcoin. Despite the introduction of Bitcoin ETFs, the excitement surrounding the cryptocurrency hasn’t translated into matching performance.

Mike McGlone, the senior strategist, attributes this underperformance partly to overly bullish sentiments clouding realistic appraisal. Additionally, the macroeconomic environment remains largely unfavorable, with the Federal Reserve consistently tightening the monetary supply, effectively “taking away the punch bowl.”

McGlone’s outlook for Bitcoin is a complex blend of long-term optimism and awareness of near-term challenges. Currently trading at $29,147, Bitcoin has shown only a nominal daily increase over the past three months.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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