Mike McGlone, Senior commodity strategist at Bloomberg Intelligence, has made a rather pessimistic prediction for Bitcoin, emphasizing that the cryptocurrency’s potential rise to $150,00 was a long shot. The strategist has revealed factors that could make Bitcoin’s projected surge to $150,000 difficult, highlighting both macroeconomic trends and Bitcoin’s performance in 2024.
Bitcoin Surge To $150,000 Unlikely
In a recent interview with Scott Melker, the host of “The Wolf Of All Streets,” podcast, McGlone discussed Bitcoin’s price fundamentals and its possible rise to $150,000 in the 2024 bull cycle.
Comparing Bitcoin with the stock market index, the S&P 500, the Bloomberg strategist disclosed that the cryptocurrency was currently showing “divergent weakness,” highlighting that Bitcoin’s performance against the S&P 500 in 2021 was greater compared to 2024.
He also revealed that Bitcoin was displaying a similar weak performance to Gold, emphasizing current market conditions and the risk of short-term deflation in the financial market.
The combination of these factors pushes McGlone to believe that Bitcoin’s short-term projected rise to $150,000 was unlikely.
While the Bloomberg strategist made his foreboding prediction despite Bitcoin’s overperformance at the beginning of the year, McGlone still remains optimistic about the cryptocurrency’s price and fundamental value in the long term.
Co-founder and CEO of CoinRoutes, Dave Weisberger, who was also in the podcast with McGlone, made a more optimistic prediction for Bitcoin. Basing his analysis on historical trends and patterns as far back as 2015, Weisberger forecasted that Bitcoin could rise to $200,000 this cycle.
His forecast is also acknowledged by reformed hedge fund manager, James Lavish, who revealed in the podcast that Spot Bitcoin ETFs could become a potential driver for Bitcoin’s continuous growth. This is attributed to the massive impact Bitcoin ETFs had on the cryptocurrency’s price following its launch on January 11, 2024.
After Spot Bitcoin ETFs were successfully released into the market, the price of Bitcoin skyrocketed to new all-time highs above $73,000. At the time of writing, the cryptocurrency is trading at $63,778, marking a 0.89% increase over the past seven days, according to CoinMarketCap.
BTC Crash Presents Perfect Opportunity
According to Lavish, if Bitcoin crashes down to the $30,000 to $40,000 range, it would present a “tremendous opportunity” for investors to acquire substantial value in a long-term asset that will essentially hold its value and continue to appreciate in the future.
The reformed hedge fund manager revealed that Bitcoin’s short-term volatility and market unpredictability could produce long-term capture of value. This suggests that by strategically navigating through the price fluctuations of Bitcoin, investors could potentially capitalize on its volatility to accumulate wealth over time, which in turn could favorably impact the price of the cryptocurrency.
BTC bears and bulls continue tug of war | Source: BTCUSD on Tradingview.com
Featured image from ETF Stream, chart from Tradingview.com
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