Bitcoin New $100k Prediction Is Revealed By Bloomberg Analyst

It has been just reported that Bitcoin could soon hit $100k, according to a Bloomberg analyst. Check out the latest reports about this below.

Mike McGlone, senior macro strategist at Bloomberg Intelligence, is confident in his prediction that Bitcoin (BTC) will reach $100,000.

However, he also warns that the cryptocurrency may face a significant setback before it reaches that milestone.

In an interview with crypto influencer Scott Melker, McGlone stated that while he stands by his long-term prediction, Bitcoin may dip below $20,000 and even hit a new low before it starts to rise again.

He cites Treasury bills offering over 5% and the Federal Reserve’s ongoing monetary tightening policies as reasons for his prediction. McGlone notes that the housing market is in decline and the stock market is also likely to follow suit.

The Case-Shiller index is designed to track changes in real estate prices across the country. The index hit its all-time high in June last year and has been trending down since.

McGlone continued and said that BTC may not be able to spark a bull run due to the macroeconomic environment.

“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.”

And if you look at the NASDAQ over the same period, it’s up 20%, yet the volatility in NASDAQ is half that of Bitcoin.

Woo shared with his one million Twitter followers that the fundamental strength indicator (FSI) of Bitcoin is indicating that the cryptocurrency is almost done with its re-accumulation phase.

The FSI is a metric developed by Woo to measure the strength of 17 fundamental and technical indicators.

Woo said the following:

“Early signs that BTC consolidation is nearing completion (FSI chart below).

Futures demand is currently moving the market, this demand has been climbing against sideways price action (this is bullish).”