Mike McGlone, a senior commodity strategist at Bloomberg Intelligence believes Bitcoin will trade at $100k as more investors continue to obtain the digital asset.
The analyst believes that Bitcoin is at its most discounted price on the 100 week and 200 week moving average. He also predicted that the crypto asset would trade 5x its current price in five to ten years. During a recent interview with Stansberry Research, McGlone said that Bitcoin is being pulled down by the Federal Reserve causing it to currently trade at a discounted price.
Bitcoin to $100k
The Bloomberg strategist is not concerned by the current financial and crypto bear market as he believes Bitcoin will eventually break into a bull run and rally toward $100,000 in the future.
McGlone stated “Bitcoin, I think it’s a matter of time it appreciates towards that $100,000 level, and at some point, it’s going to just slip in and kick into that bull market, maybe at the same time gold and treasury bonds do in terms of price.” He then added “The key thing right now is it’s getting pounded, but it’s one of the most discounted it’s ever been on 100-week and 200-week moving averages, and it’s simple facts of supply demand and adoption,” he added.
McGlone also stated that Bitcoin is a benchmark digital asset and urged people and investors to get involved with the top cryptocurrency.
Bitcoin only goes down after it goes up a lot
While talking about Bitcoin’s price movements over time, McGlone said that Bitcoin only drops after recording a significant pump or rise in price. He believes Bitcoin is currently forming a foundation around the $19,000 and $20,000 price levels, just like it did in 2018 – 2019 when it remained around the $5,000 mark.
He explained “Bitcoin is building a foundation around $19,000 to $20,000 like it did around $5,000 in 2018 – 2019. It did get as low as $3,000, and here we are at $19,000. So that’s what Bitcoin does; it only goes down after it goes up a lot.”