- Top-level macro strategist Mike McGlone reiterated his $100,000 price prediction for the largest cryptocurrency Bitcoin (BTC) in terms of market value.
- McGlone warned that the price could drop below $20,000 before entering a parabolic trend, but still predicted a six-digit price in the long term.
- McGlone stated that Bitcoin has done great things with the arrival of many ETFs (Exchange Traded Funds), but he is still not satisfied when compared to the performance of NASDAQ since 2020.
The famous macro strategist believes that the bull run in Bitcoin could reach $100,000, but he predicts a significant drop before this run.
Bitcoin Could Experience a Significant Drop
Bloomberg Intelligence’s top-level macro strategist Mike McGlone reiterated his $100,000 price prediction for the largest cryptocurrency Bitcoin (BTC) in terms of market value. However, he pointed out that the leading cryptocurrency could experience a significant drop.
McGlone warned that the price could drop below $20,000 before entering a parabolic trend. Mike McGlone stated:
“Remember, I made a $100,000 price prediction when Bitcoin was trading below $20,000… I still think about it in the long term, but it is more likely for the price to drop 50% and go below $20,000, even forming a new low.”
To support his prediction, the Bloomberg strategist referred to treasury bonds currently paying more than 5% interest and the Federal Reserve’s continued tightening of monetary policies.
The strategist mentioned the Case-Shiller index, designed to track changes in real estate prices nationwide, stating that the index is currently experiencing a 1% decline, while there was a 20% increase in periods like 2006:
“I look at the Case-Shiller index or the House index. It was at its highest level just before 2006 with a 20% increase. Now it has dropped 1%. This is collapsing. I look at the Federal Reserve continuing to tighten, and usually the last thing to fall is the stock market, look at history.”
The Macroeconomic Environment Could Prevent Bitcoin’s Bull Run
McGlone also said that Bitcoin may not be able to start a bull run due to the macroeconomic environment. McGlone said:
“I would really like to see a rise in Bitcoin, but if you look at this price as $30,000 right now, it was trading at $30,000 for the first time at the end of 2020, the beginning of 2021. So, it hasn’t changed.”
McGlone stated that Bitcoin has done great things with the arrival of many ETFs (Exchange Traded Funds), but he is still not satisfied when compared to the performance of NASDAQ since 2020:
“Bitcoin is great right now. A lot of ETFs are coming. There is hope for ETFs, but when compared to what NASDAQ can do, which has AI and everything, I think I am disappointed, and the problem is that there is too much bullish sentiment, but the macro is very negative.”
