Bloomberg Intelligence’s senior macro strategist Mike McGlone is doubling down on his $100,000 Bitcoin (BTC) prediction but says that the king crypto could encounter a major setback on the way.
In a new interview with crypto influencer Scott Melker, McGlone says that he still envisions the king crypto eventually hitting a six-figure price tag but warns it might dip below the $20,000 level en route to doing so.
“Remember, I made the call for [a] $100,000 Bitcoin when it was trading below $20,000… I still stick with that in the long term, but I think it’s more likely to drop 50% and get down to $20,000, even make a new low before it goes on that trajectory.”
To support his prediction, McGlone points toward Treasury bills paying out over 5% and the Federal Reserve’s continuing monetary tightening policies.
“When I see things like, I can get five and a quarter in a Treasury bill? Done.
I look at the Case-Shiller index or the House index. It just was almost at the highest ever right before like 2006, up 20%. Now it’s down 1%. That’s collapsing.
I look at the Fed still tightening and the last thing that always usually falls is the stock market, just look at your history.”
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 goes on to say 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.
So right now, Bitcoin’s great. It’s got all these ETFs (exchange-traded funds) coming in. We have the hopium for the ETFs, but the actual performance versus the NASDAQ – which has got AI and everything going for it – I look at it as [if] I’m disappointed, and I think the problem is I sense way [too] much bullishness, but yet the macro is very unfavorable. The Fed is still taking away the punch bowl.”
Bitcoin is trading for $30,030 at time of writing, a fractional increase on the day.
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