Bloomberg Intelligence’s senior commodity strategist, Mike McGlone, has cast a somewhat gloomy shadow over the potential future of Bitcoin, stating that the odds of the cryptocurrency peaking at an ambitious $150,000 is far from an easily-realizable goal. McGlone deductively identified several obstacles and trends that could hamper Bitcoin’s ascent to this astronomical figure, emphasizing the importance of general macro-economic climates and specifically predicting Bitcoin’s outcome in 2024.
Engaging in a thoughtful conversation with Scott Melker, the man behind the “Wolf Of All Streets” podcast, McGlone opened a comprehensive dialogue about Bitcoin’s price fundamentals and the likelihood of it scaling to $150,000 during the predicted 2024 bull run.
In a side-by-side analysis of Bitcoin and the standard investment measure, the S&P 500, McGlone pointed a discerning finger towards Bitcoin. The digital currency, he suggested, is demonstrating a “divergent weakness”, especially when considering that Bitcoin actually performed impressively in comparison to the S&P 500 back in 2021.
Further comparisons were made with gold, with McGlone underscoring similar frailties in Bitcoin’s performance. He cited the existing conditions in the current market and the looming risk of a potential short-term deflation in the financial arena.
These nagging uncertainties have swayed McGlone towards the belief that the chance of Bitcoin achieving a swift elevation to the much-anticipated $150,000 threshold seems less and less probable.
Although his predictions might make for somber reading for cryptocurrency enthusiasts, the Bloomberg strategist’s words came after Bitcoin started the year on an exhilarating high. Nevertheless, McGlone still firmly believes in the inherent value of Bitcoin and its potential to enjoy price appreciation over a longer-term horizon.
Adding depth to the podcast conversation was CoinRoutes CEO and co-founder, Dave Weisberger, who painted a significantly brighter future for Bitcoin. Relying upon the patterns and trends traced as far back as the year 2015, Weisberger suggested the tantalizing possibility of Bitcoin hitting a dazzling $200,000 in this cycle.
James Lavish, a reformed hedge fund manager and another voice in the podcast, agreed with Weisberger’s bullish forecast for Bitcoin. He hinted at the transformative impact of Spot Bitcoin ETFs as a viable catalyst for Bitcoin’s persistent growth, especially given the price surge the cryptocurrency underwent following the ETFs’ launch on January 11, 2024.
Successfully introduced to the market, Spot Bitcoin ETFs sent the Bitcoin price soaring to an unprecedented high exceeding $73,000. As per recent reports from CoinMarketCap, the cryptocurrency is currently trading at $63,778, showing a 0.89% gain in the past week.
Lavish opined that a Bitcoin crash, sinking it into the $30,000 to $40,000 range, could potentially unfurl a “tremendous opportunity” for investors. This would allow them to amass considerable value in a long-term asset that is likely to retain value and appreciate over time.
Lavish also pointed out that Bitcoin’s short-term volatility and unpredictable market trends could eventually unleash a valuable mechanism for long-term wealth accumulation. For the discerning investor, strategically navigating the tumultuous price currents of Bitcoin could allow for capitalization on this inherent volatility, paving the way for wealth gathering over time – ultimately providing a favorable thrust to Bitcoin’s market price.
Bitcoin’s future, therefore, remains a thrilling tug-of-war between the naysayers and the optimists, both wrestling with volatility, macroeconomic trends, and investor strategies in a fascinating contest that will undoubtedly shape the future of one of the world’s most intriguing assets.
