By Hassan Mehmood (Saudi Arabia)
Mike McGlone is a senior macro strategist at Bloomberg Intelligence. His opinions and crypto analysis are widely regarded in the cryptocurrency marketplace. He has shared some latest insights on the top coin on David Lin’s YouTube channel.
He has discussed the state of Bitcoin as an indestructible asset class. McGlone emphasized the growing traction around Bitcoin under the context of economic recession.
He has pointed out that Bitcoin can outperform all other risk assets if it keeps soaring ahead at its current pace. He has claimed that the current banking crisis has brought Bitcoin into the investment limelight.
The strategist has projected that Bitcoin is likely to keep printing bigger profits in comparison to the other altcoins, with a strong edge over the Bloomberg Galaxy Index.
This index, based on various types of cryptocurrencies such as exchange coins, privacy tokens, and stablecoins, is counted among the top liquid and biggest crypto projects in terms of market cap. The index is also updated every month based on the changing market dynamics.
Bitcoin Price will Dip Before the Next Bullish Leap
McGlone has advised investors to beware of a slight chance of another dip before the next bullish leap. He shared that this dip can arise from the decline of risk assets traction in the current economic pretext.
However, he is sufficiently optimistic about the long-term recovery of the flagship cryptocurrency. Many investors were hoping for Bitcoin to finally achieve the $100K mark when the 2021 rally was in session.
Also read:However, the analyst has maintained that Bitcoin will be able to get back on the bullish track soon enough. At one point during his interview, he claimed that the main reason for the successful journey of Bitcoin is various unique attributes.
He pointed out that Bitcoin offers a capped total supply in addition to the low adoption rate during the early stages of its introduction. Therefore, Bitcoin has all the germs of becoming a global collateral product regardless of the ongoing pressure from the regulators and other challenges.
Since the start of the current month, Bitcoin has indicated a strong resilience, thus solidifying its status as the ultimate indestructible asset.
During his second interview appearance, has shared that many professional and experienced investors are continuing to add Bitcoin to their portfolios. These Bitcoin acquisitions are made with a view to upcoming recession and political biases that make ideal conditions for traders, as per McGlone.
He also pointed out the role of Bitcoin as a viable international digital reserve. He has shed some light on the potential of Bitcoin to become a good store of value that can protect investors from continuous market volatility.
McGlone’s Long-Term Projection for Bitcoin
He also talked about Bitcoin’s performance in comparison to noteworthy indexes such as S&P 500. In his opinion, Bitcoin prices can skyrocket in case the S&P 500 index dips to 3000 points or below. However, he has cautioned that the best-case scenario for Bitcoin is to stay afloat above $20K.
His long-term projection for Bitcoin is to achieve its $100,000 goal. At the same time, he has remained bearish on the stock market and claimed that investors must take reference from the stock market performance before taking a bullish stance on crypto.
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