Bloomberg’s Mike McGlone Reveals Why A $150,000 Bitcoin Price Target Is Far Off

Mike McGlone, Senior commodity strategist at Bloomberg Intelligence, has made a moderately pessimistic prediction for Bitcoin, emphasizing that the cryptocurrency’s potential rise to $150,00 was an extended shot. The strategist has revealed components that might make Bitcoin’s projected surge to $150,000 troublesome, highlighting each macroeconomic developments and Bitcoin’s performance in 2024. 

Bitcoin Surge To $150,000 Unlikely

In a latest interview with Scott Melker, the host of “The Wolf Of All Streets,” podcast, McGlone mentioned Bitcoin’s value fundamentals and its potential rise to $150,000 within the 2024 bull cycle. 

Comparing Bitcoin with the stock market index, the S&P 500, the Bloomberg strategist disclosed that the cryptocurrency was presently exhibiting “divergent weakness,” highlighting that Bitcoin’s efficiency towards the S&P 500 in 2021 was higher in comparison with 2024. 

He additionally revealed that Bitcoin was displaying the same weak efficiency to Gold, emphasizing present market situations and the chance of short-term deflation within the monetary market. 

The mixture of those components pushes McGlone to imagine that Bitcoin’s short-term projected rise to $150,000 was unlikely. 

While the Bloomberg strategist made his foreboding prediction regardless of Bitcoin’s overperformance at first of the yr, McGlone nonetheless stays optimistic about the cryptocurrency’s price and basic worth in the long run. 

Co-founder and CEO of CoinRoutes, Dave Weisberger, who was additionally within the podcast with McGlone, made a extra optimistic prediction for Bitcoin. Basing his evaluation on historic developments and patterns way back to 2015, Weisberger forecasted that Bitcoin could rise to $200,000 this cycle. 

His forecast can also be acknowledged by reformed hedge fund supervisor, James Lavish, who revealed within the podcast that Spot Bitcoin ETFs may turn into a possible driver for Bitcoin’s steady development. This is attributed to the huge impact Bitcoin ETFs had on the cryptocurrency’s value following its launch on January 11, 2024. 

After Spot Bitcoin ETFs had been successfully released into the market, the worth of Bitcoin skyrocketed to new all-time highs above $73,000. At the time of writing, the cryptocurrency is buying and selling at $63,778, marking a 0.89% improve over the previous seven days, in accordance with CoinMarketCap. 

BTC Crash Presents Perfect Opportunity

According to Lavish, if Bitcoin crashes down to the $30,000 to $40,000 vary, it will current a “tremendous opportunity” for traders to acquire substantial value in a long-term asset that can basically maintain its worth and proceed to understand sooner or later. 

The reformed hedge fund supervisor revealed that Bitcoin’s short-term volatility and market unpredictability may produce long-term seize of worth. This means that by strategically navigating by way of the worth fluctuations of Bitcoin, traders may doubtlessly capitalize on its volatility to build up wealth over time, which in flip may favorably affect the worth of the cryptocurrency.

BTC bears and bulls proceed tug of battle | Source: BTCUSD on Tradingview.com

Featured picture from ETF Stream, chart from Tradingview.com

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