Mike McGlone, senior commodities strategist at Bloomberg Intelligence, has made a pessimistic prediction for bitcoin, emphasizing that the cryptocurrency's potential rise to $150,000 was a long shot. The strategist has revealed factors that could hinder bitcoin's projected rise to $150,000, highlighting both macroeconomic trends and bitcoin-price-suffers-sharp-decline/” rel=”nofollow”>bitcoin performance in 2024.
bitcoin Unlikely to Hit $150,000
In a recent x.com/mikemcglone11/status/1787489366752842233?s=46″ rel=”nofollow”>interview With Scott Melker, host of “The Wolf Of All Streets” podcast, McGlone discussed the fundamentals of bitcoin's price and its possible rise to $150,000 in the 2024 bull cycle.
Comparing bitcoin-leads-sp-500-michael-saylor-asserts/” rel=”nofollow”>bitcoin with the S&P 500 stock indexThe Bloomberg strategist revealed that the cryptocurrency was currently showing “divergent weakness,” highlighting that bitcoin's performance against the S&P 500 in 2021 was higher compared to 2024.
It also revealed that bitcoin was showing weak performance similar to bitcoin-and-gold-hit-record-breaking-milestones/” rel=”nofollow”>Goldemphasizing current market conditions and the risk of short-term deflation in the financial market.
The combination of these factors leads McGlone to believe that bitcoin's Projected Short-Term Rise to $150,000 It was unlikely.
Although the Bloomberg strategist made his prescient prediction despite bitcoin's outperformance earlier in the year, McGlone remains bullish on bitcoin-price-below-67000/” rel=”nofollow”>the price of cryptocurrency and long-term fundamental value.
CoinRoutes co-founder and CEO Dave Weisberger, who was also on the podcast with McGlone, made a further statement bitcoin-price-set-to-double/” rel=”nofollow”>optimistic prediction for bitcoin. Basing his analysis on historical trends and patterns dating back to 2015, Weisberger predicted that bitcoin-peak-december-over-200000/” rel=”nofollow”>bitcoin could rise to $200,000 this cycle.
His forecast is also acknowledged by reformed hedge fund manager James Lavish, who revealed on the podcast that bitcoin-etfs-approved-by-us-sec/” rel=”nofollow”>bitcoin Spot ETF could become a potential driver for bitcoin's continued growth. This is attributed to the massive bitcoin-etfs-btc-down-20-founder/” rel=”nofollow”>impact bitcoin ETFs had on the price of the cryptocurrency after its launch on January 11, 2024.
After Spot bitcoin ETFs Were bitcoin-etfs-go-hot/” rel=”nofollow”>successfully launched on the market, bitcoin price soared to new all-time highs above $73,000. At the time of writing, the cryptocurrency is trading at $63,778, up 0.89% over the past seven days, according to CoinMarketCap.
btc Fall Presents Perfect Opportunity
According to Lavish, yes bitcoin plummets in the $30,000 to $40,000 range, would present a “tremendous opportunity” for investors 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 the short-term volatility and unpredictability of the bitcoin market could produce long-term value capture. This suggests that by strategically navigating through bitcoin's price fluctuations, investors could potentially capitalize on its volatility to accumulate wealth over time, which in turn could favorably impact the price of the cryptocurrency.
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btc bears and bulls continue tug of war | Source: BTCUSD on Tradingview.com
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