Bloomberg Analyst Is Bullish On Bitcoin
It seems that an analyst from Bloomberg is really bullish on Bitcoin. Check out the latest news about the most important coin out there. New Bitcoin prediction is out Senior Bloomberg commodities analyst Mike McGlone sai...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
It seems that an analyst from Bloomberg is really bullish on Bitcoin. Check out the latest news about the most important coin out there.
New Bitcoin prediction is outSenior Bloomberg commodities analyst Mike McGlone said that Bitcoin’s (BTC) prospects over the long term look promising.
In a new Stansberry Research interview, McGlone made sure to explain the fact that he is “very bullish” on Bitcoin but warns that risk assets such as the flagship crypto asset face significant headwinds going forward.
“I’m very bullish on Bitcoin because of major reasons – it’s definable diminishing supply very low and [it’s] early days of adoption, you have to be long over time.”
He continued and said the following:
“But it also trades 24/7 and it’s a very significant leading indicator and it looks like it just might have rolled over from $30,000. I just can’t see how we’re going to get what I view as a significant contraction in risk asset prices without Bitcoin, still a risk asset, going down.”
He believes that the recent price gains Bitcoin has enjoyed are “absolutely” attributable to a “bear market rally.” McGlone says that when other correlated assets start declining in value in case a recession hits, Bitcoin will follow suit.
“I’m afraid what’s happening with Bitcoin is people are looking at it like the bank crisis has helped – it will go that way and trade more like gold and long bonds. But I think it’s more about everything’s up this year and Bitcoin’s the fastest horse in the race. It was the fastest on the way down, the fastest up this year…”
The analyst continued and stated this:
“Bitcoin’s up almost 80% in the year and it might just start to roll over. It trades 24/7, it’s clearly a leading indicator.”
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $28,159.
Why this matters
This bitcoin story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on CryptoGazetteRelated market context
Machi Big Brother sells 3 Bored Apes to cut his Ethereum long in 52%, but liquidation moved to just $22 away
Three Bored Ape sales at steep losses accompanied a month-long contraction in the leveraged Ethereum account that Lookonchain publ...
Bitcoin (BTC) Price Prediction: Bullish RSI Divergence Signals Potential Rebound Toward $65.5K
A bullish divergence on the one-hour chart has drawn attention as the Bitcoin price remains near a key support area, although broa...
XRP Price Prediction: XRP Risks $0.97 as Price Remains Trapped Below Key EMAs
The weakness has left the XRP price vulnerable to another decline, with technical levels around $0.99 and $0.97 emerging as import...
This public company quit solar for a $5 million Bitcoin bet, now it has just $166,000 in cash
Sono Group’s transition to a Bitcoin-heavy treasury is laying bare the severe financial strain at the core of the restructured com...
A Bitcoin treasury with $67 million in BTC has just $5,397 in cash and needs money immediately
Bitcoin treasury holder CIMG Inc. said in its Aug. 13 quarterly filing that it needs to raise capital immediately, even though it...
Slowing ETF demand and corporate treasury selling are breaking the math behind Wall Street’s $16 trillion Bitcoin target
Bitcoin market cap must rise to ARK Invest's roughly $16 trillion 2030 base case, requiring about 78.6% annual growth from the cur...