Mike McGlone Archives - Times Tabloid

Bloomberg Strategist Doubles Down On Bitcoin (BTC) to $100,000 Forecast. But There Is a Catch

Solomon Odunayo — Tue, 25 Jul 2023 07:48:47 +0000

Mike McGlone, Bloomberg Intelligence’s senior macro strategist, is doubling down on his $100,000 price prediction for Bitcoin (BTC), the largest cryptocurrency by market cap. However, he said the flagship crypto could be set for a major dip.

In a new interview with Scott Melker, a crypto influencer, McGlone said he still envisions a six-figure price for Bitcoin (BTC), but warned it might drop below to $20,000 level before the parabolic trend.

Mike McGlone noted:

“Remember, I made the call for $100,000 Bitcoin when it was trading below $20,000… I still stick with that in the long term, but I think it’s more likely to drop 50% and get down to $20,000, even make a new low before it goes on that trajectory.”

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Macroeconomic Environment May Hold Bitcoin (BTC) Down

To back his prediction, the Bloomberg strategist referenced Treasury bills that currently pay over 5% and the continued tightening of monetary policies by the Federal Reserve.

The strategist referenced the Case-Shiller index, a tool designed to track changes in real estate prices across the country, stating that it’s now down 1% compared to eras such as 2006 when it was up 20%.

“When I see things like, I can get five and a quarter in a Treasury bill? Done. I look at the Case-Shiller index or the House index. It just was almost at the highest ever right before like 2006, up 20%. Now it’s down 1%. That’s collapsing. I look at the Fed still tightening and the last thing that always usually falls is the stock market, just look at your history,” McGlone stated.

McGlone continued further stated that Bitcoin (BTC) may fail to ignite a bull run due to the macroeconomic environment.

He said, “I’d love to be bullish on Bitcoin, but if you look at that price right now at $30,000, the first time it traded (at) $30,000 was right at the end of 2020, right the beginning of 2021. So it’s unchanged.”

For further clarification, he said a look at the NASDAQ since 2020 shows that its volatility is half that of Bitcoin. McGlone said although Bitcoin is doing great with loads of ETFs (Exchange-Traded Funds) coming in, he’s still not satisfied when compared to NASDAQ’s performance since 2020.

“So right now, Bitcoin’s great. It’s got all these ETFs coming in. We have the hopium for the ETFs, but the actual performance versus the NASDAQ – which has got AI and everything going for it – I look at it as if I’m disappointed, and I think the problem is I sense way too much bullishness, but yet the macro is very unfavorable. The Fed is still taking away the punch bowl.”

At the time of press, BTC is trading at $29,150, with a relatively 2% price downtrend in the last 24 hours.

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Bitcoin (BTC) at $7,000? Bloomberg Strategist Warns of Possible Crash Before Recovery

Solomon Odunayo — Mon, 22 May 2023 19:05:09 +0000

Mike McGlone, the senior macro strategist at Bloomberg Intelligence, has recently warned that Bitcoin (BTC), the largest cryptocurrency by market cap, could face another historic crash from the current price level to $7,000, which is a price not seen since 2020.

According to McGlone in a tweet today, Bitcoin is up relatively 4x from when Federal Reserve started expanding the money supply during the market collapse initiated by COVID-19.

The analyst added that with the drastic reduction in liquidity and increase in rates, a mean version back to where Bitcoin (BTC) started its rally at around $7,000 is still possible.

If this happens, it will represent an approximately 75% crash for the flagship cryptocurrency.

Captioning a chart with illustrative texts, Mike McGlone tweeted, “That the Federal Reserve has kept hiking rates in 1H despite a bank run, plunging commodities and producer prices may portend deflation potential for risk assets. Peaking Bitcoin and Copper vs. rallying equity markets appears as an unsustainable trajectory.”

That the #FederalReserve has kept hiking rates in 1H despite a bank run, plunging commodities and producer prices may portend deflation potential for risk assets. Peaking #Bitcoin and #copper vs. rallying #equitymarkets appears as an unsustainable trajectory. pic.twitter.com/deEhESQ62u

— Mike McGlone (@mikemcglone11) May 22, 2023

Can Bitcoin (BTC) Become a Risk-Off Asset?

In a new interview with Scott Melker, McGlone discredited the idea that Bitcoin can still become a risk-off asset such as gold under the current financial conditions.

He said the king crypto can’t become a risk-off asset until shows a larger divergence from equities.

Mike McGlone noted:

“Gold, definitely a risk-off asset. I’m very bullish gold and at some point Bitcoin. The problem I have is all risk assets went down last year and all risk assets went up this year. We’ve only seen little inklings of Bitcoin showing that divergence strength, little inkling. You got to see the big one. You got to see that S&P 500 really drop 20%, maybe go down to 3,000 like copper and Bitcoin not to make a new low…

“So let’s look at the facts of Bitcoin. Right before the massive liquidity pump in 2020, Bitcoin in 2019, the average price was 7,000 bucks. Okay, so it bumps to $60,000. And now we’re $27,000. It’s still 4x the price. We still have a little bit of mean reversion risk and so the way I look at it, this is the kind of market we’re not supposed to be long in any risk assets.”

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Bloomberg Strategist Mike McGlone Says Bitcoin (BTC) to $100,000 Is Inevitable. Here’s His Reason

Solomon Odunayo — Wed, 10 Aug 2022 18:04:06 +0000

Although the price of Bitcoin (BTC) has been changing hands below $25,000 in the past few months, some analysts remain optimistic that the flagship crypto will hit six figures someday.

In a tweet about two days ago, Mike McGlone, Bloomberg Intelligence’s senior commodity strategist, said Bitcoin (BTC) to $100,000 is inevitable.

According to the strategist, oil will trend downward towards $50 a barrel for the rest of 2022, which will propel deflationary trends across the world.

McGlone said this will subsequently send the price of the precious metal Gold to $2,000 and also aid the trend of Bitcoin (BTC) to the coveted $100,000 price level.

Mike McGlone tweeted, “A Matter of Time? $2,000 Gold, $100,000 Bitcoin, $50 Crude Oil – The energy spike is proving its own worst enemy, with macroeconomic implications that may buoy gold and help Bitcoin transition toward a high-beta version of the metal and Treasury bonds.”

A Matter of Time? $2,000 #Gold, $100,000 #Bitcoin, $50 #CrudeOil –
The energy spike is proving its own worst enemy, with macroeconomic implications that may buoy gold and help Bitcoin transition toward a high-beta version of the metal and Treasury bonds. pic.twitter.com/4RO3wkMYxf

— Mike McGlone (@mikemcglone11) August 8, 2022

Mike McGlone’s Bullish Predictions for Bitcoin (BTC)

McGlone is accustomed to expressing his bullish stand for Bitcoin, the largest cryptocurrency in the market.

Back in March this year when BTC was trading above $40,000, he predicted that it would first face a plunge before a meteoric rise to $100,000.

He said

“If you buy it [Bitcoin] at around $41,000, I think, maybe in less than a year, you should expect to go around $100,000.

“But at these levels right now, we might easily see $30,000 first. And I fully expect that’s kind of the risk-reward because $30,000 has been the key support…

“Bitcoin is the gold in the space. And it’s still speculative. I just really think it needs to be shaken out a little bit and then go back up as a whole market.”

At the time of filing this report, Bitcoin (BTC) is trading at $23,918, with a 3.51% price uptrend in the last 24 hours.

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Bloomberg Senior Strategist: Bitcoin (BTC) Will Be One of the Best Assets on Earth Once Inflation Subsides

Tobi Loba — Sat, 04 Jun 2022 12:49:31 +0000

Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has recently aired his opinion regarding the future prospect of Bitcoin (BTC), the largest cryptocurrency by market capitalization.

In a recent conversation with Kitco News, McGlone stated that once the risk assets recover from the current downturn, Bitcoin is going to outperform other asset classes.

In the course of the interview, he was asked about what would get investors out of the crypto winter and what has to happen to spark a rally. Mike McGlone said:

“I think what’s going to happen is the great reversion is just getting started. It might be like the aftermath of 1929, I think it’s gonna be like the aftermath of 2008 maybe like after the 1987 crash it’s so overdue. The greatest inflation in 40 years in most people’s lifetime is just starting…

“Once we kind of get through that period, I think Bitcoin is going to become realized that this is one of the best assets on the planet to hold. Now that’s my base case well how that works out I don’t know so I see my outlook is, I think some of the best assets to own will be gold U.S. long bonds and Bitcoin I think we’re going back to deflation.”

Speaking more about Bitcoin being one of the best performing asset classes, McGlone said:

“It’s just a matter of time it’s just the way it works but in terms of things I watch like commodities and assets they’re just in the early days of reverting and bitcoin should be one of the ones that come out ahead.”

According to the senior commodity strategist, the price of gold will break out as soon as the markets see that long yields have peaked and Fed’s hiking expectations have been suspended.

Although he believes that gold and bonds will later break out, he expects to see Bitcoin outperforming all of them.

He wrote, “I think the best performing assets will revert to gold, U.S. long bonds and Bitcoin, I think will perform the best.”

Meanwhile, McGlone had predicted that Bitcoin is on track to hit $100,000 by 2025;

“Bitcoin Bull and $50,000 Support vs. $100,000 Resistance in 2022. Bitcoin is approaching 2022 in what we view as simply a bull market. The nascent technology/asset is experiencing increasing adoption vs. declining supply and showing signs of maturation.”

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Bloomberg’s Analyst Mike McGlone: Ethereum (ETH) Is Becoming the Internet’s Collateral

Solomon Odunayo — Thu, 31 Mar 2022 13:07:20 +0000

Mike McGlone, a senior commodities analyst at Bloomberg, has recently opined that the price of Ethereum (ETH), the second-largest cryptocurrency by market cap, will keep rising as it is becoming the collateral of the internet.

In a tweet on 30th March, McGlone stated that demand for the digital token ETH is increasing, while the supply continues to decrease. The analyst says this suggests a further price appreciation.

According to McGlone, Ethereum remains bullish as long as it continues to dominate the non-fungible token (NFT) sector and keep topping platforms for tokenization.

McGlone tweeted, “Demand is increasing, supply is declining and #Ethereum’s position at the epicenter of the digitization of finance and money suggests further price appreciation. Ethereum — the denominator for NFTs and top platform for tokenization — is becoming the collateral of the internet.”

Demand is increasing, supply is declining and #Ethereum's position at the epicenter of the digitization of finance and money suggests further price appreciation. Ethereum — the denominator for NFTs and top platform for tokenization — is becoming the collateral of the internet pic.twitter.com/hS7aLeqZ7N

— Mike McGlone (@mikemcglone11) March 30, 2022

Over the past few weeks, Ethereum (ETH) has been printing a positive trend in terms of price. The top cryptocurrency has managed to gain relatively $1,000 from its lowest point in March to trade at around $3,400 at the end of the month.

At the time of filing this report, Ethereum (ETH) is trading at $3,417.01, with a relatively 1% price uptrend in the last 24 hours. Also, the digital asset is 13% up in the last seven days, according to CoinMarketCap.

Another popular crypto analyst, Michaël van de Poppe, is also bullish on the current trend of Ethereum (ETH).

Michaël van de Poppe tweeted, “Probably $ETH will touch that region around $3,600 and then we have to check whether there’s going to be a correction. You’d want a slight correction and not a deep one if the market remain bullish.”

Probably $ETH will touch that region around $3,600 and then we have to check whether there's going to be a correction.

You'd want a slight correction and not a deep one if the market remain bullish. pic.twitter.com/YC5yQakfLL

— Michaël van de Poppe (@CryptoMichNL) March 29, 2022

It’s worth noting that only 11% of ETH in circulation are currently held on exchanges and outflow from exchanges has not ceased, indicating that majority of Ethereum holders are in for the long.

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Bloomberg Strategist: Investors Who Buy Bitcoin Now Will Always Remember This Defining Moment

Tobi Loba — Sat, 26 Feb 2022 17:01:48 +0000

Mike McGlone, the senior commodity strategist at Bloomberg, has recently stated that Bitcoin (BTC), the largest cryptocurrency by market cap, is in a defining moment that investors may never forget.

McGlone said this during a recent interview. According to the analyst, investors who choose to bear the risk in Bitcoin purchase, especially in this period, would reap major rewards in the future.

In the course of the interview, the Bloomberg strategist discussed how current geopolitical events are impacting the commodity markets, citing Russia’s invasion of Ukraine as an example.

McGlone also highlighted the reason for Bitcoin’s massive downtrend after the news of the war spread globally despite being a hedge against instability. He said the price of Bitcoin fell because the commodity markets were due for a usual retracement, adding that this gives room for buying opportunities.

Mike McGlone noted:

“People should remember this for a lot of positions. This is a tremendous opportunity, most notably for people who have maybe raised a little bit of cash.

We’ve been pointing this out for months that the market is way overdue for a pretty significant correction, most notably in terms of equities. We’re getting that correction in cryptos.”

This Should Be a Defining Moment for Bitcoin Investors

According to McGlone, Bitcoin and other cryptocurrencies remain risky due to their high volatility. But he thinks this period will be a defining moment for the long-term traders who purchase Bitcoin now:

“I still think there’s more pain there. I don’t think Bitcoin gets much below $30,000, it’s holding good resistance around $40,000.

I think this is ultimately going to be a very good buying opportunity for Bitcoin. For longer-term traders, it’s going to be looked back upon in history as a defining moment.

The key point is right now we’re in that stage where you’ve got to hit the bid on things you might not want to.”

At the time of filing this report, Bitcoin is trading at $39,141, with a relatively 1% price downtrend in the last 24 hours.

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Bloomberg’s Mike McGlone: Bitcoin and Ethereum Remain In Early Adoption Days

Solomon Odunayo — Sun, 30 Jan 2022 14:56:35 +0000

Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has recently aired his opinion in relation to the continued growth in adoption of the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).

According to McGlone in a tweet on 29th January 2022, Bitcoin and Ethereum are still in their early adoption days. Due to supply-demand dynamics, the strategist expects the two cryptocurrencies to keep appreciating.

Mike McGlone tweeted, “Bitcoin and Ethereum remain in early adoption days, with increasing demand vs. declining supply and related price implications. Our bias is why complicate it — unless something unlikely reverses the proliferation of the nascent technology, prices should rise over time.”

#Bitcoin and #Ethereum remain in early adoption days, with increasing demand vs. declining supply and related price implications. Our bias is why complicate it — unless something unlikely reverses the proliferation of the nascent technology, prices should rise over time. pic.twitter.com/SAgqWrfIMV

— Mike McGlone (@mikemcglone11) January 29, 2022

McGlone Doubles Down On $100,000 and $5,000 for Bitcoin and Ethereum

Earlier this month, the Bloomberg strategist doubled down on his prediction for Bitcoin and Ethereum to hit $100,000 and $5,000 respectively by the end of 2022.

Likewise in December 2021, the analyst predicted that Bitcoin would outperform the United States stock market. He also expects Solana (SOL) and Binance Coin (BNB) to remain with Bitcoin, Ethereum, and Tether in the list of the market top five.

In his research note published in early January, McGlone stated that $30,000 might become the new $3,000 level for the flagship crypto Bitcoin (BTC), referring to the massive crash of 2018 that brought the price of Bitcoin down from $20,000 to $3,000 level.

Back in September, he accurately predicted that a futures-based Bitcoin exchange-traded fund would be approved in October 2021.

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PlanB States His Target Market Cap for Bitcoin (BTC) Amid Market Downturn

Solomon Odunayo — Sun, 09 Jan 2022 14:02:42 +0000

The whole crypto market, led by Bitcoin (BTC), has been experiencing steady turbulence over the past few months. Although many people have lost faith in the flagship cryptocurrency, PlanB, a popular crypto strategist and trader, is optimistic about the trend of the digital currency.

PlanB, in a recent viral tweet, stated that Bitcoin is only halfway into the current bull cycle. According to the analyst, this bull cycle is expected to last till 2024. He said his eyes are set on a $10 trillion market cap for the largest cryptocurrency.

Captioning an illustrative chart, PlanB tweeted, “I know some people have lost faith in this bitcoin bull market. However we are only halfway into the cycle (2020-2024). And although BTC experiences some turbulence at $1T, the yellow gold cluster at S2F60/$10T (small black dots are 2009-2021 gold data) is still the target IMO.”

I know some people have lost faith in this #bitcoin bull market. However we are only halfway into the cycle (2020-2024). And although BTC experiences some turbulence at $1T, the yellow gold cluster at S2F60/$10T (small black dots are 2009-2021 gold data) is still the target IMO. pic.twitter.com/xWFQKKnndP

— PlanB (@100trillionUSD) January 9, 2022

Mike McGlone Says Bitcoin (BTC) and Ethereum (ETH) Are Primed To Surge in 2022

Mike McGlone, Bloomberg’s senior commodity strategist, thinks both Bitcoin (BTC) and Ethereum (ETH) are primed to surge in 2022 despite the crypto market’s recent struggles.

In a new analysis, Mike McGlone says both Bitcoin (BTC) and Ethereum (ETH) have solid bases to build on. He predicts they will remain dominant among cryptocurrencies in 2022, with Bitcoin moving toward $100,000 and Ethereum breaching $5,000.

McGlone thinks Bitcoin is in a “consolidating bull market” and predicts the US Federal Reserve’s new policies will actually be beneficial for BTC.

Federal Reserve officials have recently indicated they plan to scale back asset purchases and raise interest rates next year in an effort to fight inflation.

Mike McGlone noted,

“Expectations for Federal Reserve rate hikes in 2022 may support a win-win scenario for Bitcoin vs. the stock market… A reason to take back liquidity is the fact that the S&P 500 is the most extended above its 60-month moving average in over two decades.

“Stretched markets have become common, but commodities and Bitcoin appear to be early reversion leaders. It’s a question of bull-market duration, and we see the benchmark crypto coming out ahead.”

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Bloomberg’s Mike McGlone: Bitcoin and Ethereum Look Poised for a Bullish 2022

Solomon Odunayo — Wed, 08 Dec 2021 02:39:03 +0000

Mike McGlone, the commodity strategist at Bloomberg, has recently stated that the cryptocurrency markets, led by Bitcoin (BTC) and Ethereum (ETH), look poised for a bullish 2022.

In the December edition of Bloomberg’s “Global Cryptocurrency Outlook,” Mike McGlone stated that given crypto’s relative outperformance of other asset classes, many money managers may be forced to get involved.

McGlone also averred that Bitcoin (BTC), the largest cryptocurrency by market capitalization, looks like it’s still on schedule to break the six-figure mark in the coming year, partially on the back of rapid adoption from various economies and markets.

Mike McGlone noted:

Past performance is no indicator of future results, but when a new asset class outperforms incumbents, naysayers have little choice but to join in. We see this process playing a primary role in 2022, as money managers may face greater risks if they continue to have no portfolio allocations to cryptos.

“Bitcoin appears to be on a trajectory for $100,000. We see it as more of a question of time, notably due to the economic basics of increasing demand vs. decreasing supply. There are ample examples of Bitcoin simply staying on course in 2022 of its process of adoption into the mainstream. U.S., Canadian and European exchange-traded funds and futures, migration into the 60/40 mix and legal-tender status in El Salvador point to a bull market in global adoption.”

The commodity strategist added that the digital asset markets are being driven by three main “stalwart” components, which are Bitcoin (BTC), Ethereum (ETH), and stablecoins, which he describes as “crypto dollars.”

In the long term, the analyst pointed out that Bitcoin (BTC) could ultimately find a stable price somewhere in the neighborhood of 100x the price of an ounce of gold, which right now would be $178,300:

“A potential path for the Bitcoin price is to stabilize around 100x an ounce of gold and for volatility to resume its downward trajectory, if past patterns repeat.”

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