Bitcoin Is On Its Way To $100k, Bloomberg Commodity Strategist Says

According to the latest reports, despite the massive crypto volatility, optimistic crypto predictions still appear in the crypto space.

The latest one comes from Bloomberg’s senior commodity strategist who believes that the Federal Reserve’s planned interest rate hikes could help propel Bitcoin (BTC) to new ATHs.

During a new interview, analyst Mike McGlone addressed how the perfect storm of geopolitical tensions, soaring oil prices, and domestic monetary policies are setting the stage for a major economic recession.

“This is the most significant spark for recession I’ve ever seen. I’ve never seen anything this severe.”

He continued and said this:

“The Fed’s tightening, the stock market’s already corrected 10%, 15%. And the Fed, the market’s still priced for six 25-basis points hikes in the next year.”

He also said that when this happened in 2018 when the market already dropped 15%, rates were hiked 4 times. He believes that this situation is a lose-lose for risk assets, which is where Bitcoin fits into that space.

The analyst also explained the fact that in the wake of markets selling off in most asset classes, the fact Bitcoin is dropping less than the Nasdaq could mirror the fact that BTC is separating from the pack.

“When you see the stock market dropping 1%, 2%, 3% – Bitcoin will drop. But the bottom line is it’s already showing divergent strength.”

He said the following as well:

Just look at Bitcoin on the year. I see Bitcoin’s down 15%. The Nasdaq’s down 17%. That’s significant because Bitcoin typically trades about three to four times the volatility of the Nasdaq.”

He believes that Bitcoin should be down about 3x the Nasdaq.

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $39,204. Stay tuned for more news, and make sure to keep your eyes on the crypto market.