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- Bloomberg Intelligence’s senior strategist Mike McGlone believes the set-up for Bitcoin to soar is forming already.
- Bitcoin has the right fundamentals to help push its price toward the $100,000 price point.
Bitcoin (BTC), the world’s largest digital currency by market capitalization is getting a lot of impressive projections for the long term amid the gloomy embrace of the ecosystem right now. Speaking in an interview with Scott Melker, Mike McGlone, Bloomberg Intelligence Senior Macro Strategist believes the digital currency is being set up for an impressive price run in the coming year.
While McGlone based his assumptions on the forthcoming Halving event toward the second quarter of 2024, he also noted that Bitcoin currently has enough fundamental backing to chart its growth curve.
“The key thing is what stops that trajectory? In the big picture trying to play for these $10,000 moves, I guess well that’s a big amount of Bitcoin now, can make you lose your hair,” McGlone said, adding;
The bottom line is astute investors, institutions on the planet all realize every day that goes by is they need part of this asset. I think by the time we get to ’24, that halving, we’re gonna be talking about a pretty severe recession, all politics leaning Republican, at least presidential, and it’s just going to be a great setup next year. I’m really looking forward to it.
Bitcoin has remained a very big yardstick to measure the level of evolution of the broader cryptocurrency ecosystem.
At the time of writing, the premier digital currency is trading for $26,740.60, down by more than 4.2 percent over the past 24 hours. Although Bitcoin has had a very stellar month, if the current loss is permitted to deepen, the cryptocurrency may be forced to end this month on a negative basis.
The bogus Bitcoin price projection post-halving
One crucial detail that many in the digital currency ecosystem want access to is whether or not the cryptocurrency will soar toward the $100,000 price mark. While no one can tell for certain what the price will be and at what time, the Bloomberg strategist is among those who believe this price target is a very mild and achievable one for the asset.
To attain its goals, Bitcoin may have to decouple from its correlation with the S&P 500 which McGlone believes is the ultimate decider of volatility. For now, S&P 500 is having some rough times which is also bound to translate to Bitcoin in the mid-term despite its growing status as a store of value.
The current trajectory is Bitcoin is showing it’s becoming more of a global digital reserve asset and potentially a store value as the stock market volatility is high. The key thing is let’s say S&P is making a new low and heads toward $3,000. Let’s see how Bitcoin reacts. It’d be wonderful if it doesn’t go below $20,000. But we got to see. I don’t know. Long term, as we get through this period, there’ll be more significant signals that Bitcoin is going to go up to $100,000,
