Bitcoin (BTC) Struggles to Reach $150,000 Target: Insights from Bloomberg’s Mike McGlone

• Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, has predicted that Bitcoin’s potential rise to $150,000 is unlikely due to macroeconomic trends and Bitcoin’s performance in 2024.
• McGlone compared Bitcoin’s performance with the S&P 500 and Gold, highlighting its “divergent weakness”.
• Despite his pessimistic short-term prediction, McGlone remains optimistic about Bitcoin’s long-term value.

Mike McGlone, a Bloomberg strategist, predicts Bitcoin’s surge to $150,000 is unlikely due to macroeconomic trends and Bitcoin’s performance. Despite this, he remains optimistic about Bitcoin’s long-term value.

Bitcoin’s Potential Rise to $150,000 Deemed Unlikely

Mike McGlone, in a recent interview with Scott Melker on the “The Wolf Of All Streets” podcast, discussed Bitcoin’s price fundamentals and its potential rise to $150,000 in the 2024 bull cycle. Comparing Bitcoin with the S&P 500, McGlone disclosed that Bitcoin was showing “divergent weakness”. He also compared Bitcoin’s performance to Gold, emphasizing current market conditions and the risk of short-term deflation in the financial market. These factors led McGlone to believe that Bitcoin’s short-term projected rise to $150,000 was unlikely.

Optimism for Bitcoin’s Long-Term Value

Despite his pessimistic short-term prediction, McGlone remains optimistic about Bitcoin’s long-term value. This sentiment was echoed by Dave Weisberger, co-founder and CEO of CoinRoutes, who predicted that Bitcoin could rise to $200,000 this cycle based on historical trends and patterns. James Lavish, a reformed hedge fund manager, also acknowledged this forecast, attributing potential growth to the impact of Spot Bitcoin ETFs on the cryptocurrency’s price.

Bitcoin Crash Could Present Investment Opportunity

James Lavish suggested that a Bitcoin crash down to the $30,000 to $40,000 range could present a “tremendous opportunity” for investors. He believes that Bitcoin’s short-term volatility could produce long-term value, suggesting that investors could capitalize on its price fluctuations to accumulate wealth over time.

Conclusion

While Bitcoin’s potential rise to $150,000 is deemed unlikely by Mike McGlone due to current market conditions and performance comparisons, there is still optimism for its long-term value. A potential crash could even present a significant investment opportunity for long-term wealth accumulation.