Bloomberg Analyst: A Set Up Is Forming For Bitcoin Ahead Of 2024 Halving

It’s been revealed that a great set up is forming for Bitcoin before the 2024 halving. Check out the latest reports below.

It’s been revealed the fact that Bloomberg Intelligence senior macro strategist Mike McGlone says the stage is being set for a strong Bitcoin (BTC) performance next year.

In a new interview with Scott Melker, McGlone stated that Bitcoin’s halving event, plus a series of other fundamental developments, are set to boost the flagship cryptocurrency in 2024.

Just to refresh your memory, Bitcoin undergoes a halving every four years when the newly issued supply of BTC is reduced by half, and the event has historically coincided with Bitcoin bull markets.

McGlone said the following:

“The key thing is what stops that trajectory? In the big picture trying to play for these $10,000 moves, I guess well that’s a big amount of Bitcoin now, can make you lose your hair.”

He continued and said this:

“The bottom line is astute investors, and institutions on the planet all realize every day that goes by is they need part of this asset. I think by the time we get to ’24, that halving, we’re gonna be talking about a pretty severe recession, all politics leaning Republican, at least presidential, and it’s just going to be a great setup next year. I’m really looking forward to it.”

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $27,928.

Seasoned trader Tone Vays believes that Bitcoin’s (BTC) current consolidation is setting up the king crypto for an imminent breakout.

In a new strategy session, Vays said that Bitcoin’s consolidation is healthy as it allows BTC to take a breather before continuing its trend.

He gives an example of how Bitcoin consolidated at the height of last year’s bear market. According to Vays, Bitcoin cooled off for a time between May and June 2022 before breaking below the key psychological area of $20,000.