Bloomberg analyst says great setup for Bitcoin (BTC) ahead of halving in 2024
Bloomberg Intelligence senior macro strategist Mike McGlone says the stage is set for a strong Bitcoin (BTC) performance next year.
In a new interview with Scott Melker, McGlone says that Bitcoin’s halving event, plus a number of other fundamental developments, are set to boost the flagship cryptocurrency in 2024.
Bitcoin undergoes a halving every four years when the newly issued supply of BTC is halved, and the event has historically coincided with Bitcoin bull markets.
says McGlone,
“The key is what stops that trajectory? In the big picture, I’m trying to play for these $10,000 moves, I guess that’s a large amount of Bitcoin now, can make you lose your hair. The point is wise investors, institutions on the planet all realize that with each passing day they need a piece of this asset. I think by the time we get to ’24, that halving, we’re going to be talking about a pretty severe recession, all politics being Republican, at least the presidential election, and it’s just going to be a great setup next year. I’m really looking forward to that.”
In the short term, McGlone says he’s not entirely bullish on Bitcoin yet, waiting to see the performance of the S&P 500 (SPX). He says the SPX is a reliable measure of the volatility of other risk assets like Bitcoin.
“The current trajectory is that Bitcoin is showing that it is becoming more of a global digital reserve asset and potentially a retail value as stock market volatility is high. The key is let’s say the S&P makes a new low and goes towards $3,000. Let’s see how Bitcoin reacts . It would be amazing if it doesn’t go below $20,000. But we’ll have to see. I don’t know. In the long term, as we get through this period, there will be more significant signals that Bitcoin is going to go up to $100 000 …
I’m too bearish [on the] stock market. The number one measure of risk asset beta on the planet is the S&P 500. I’m still too bearish on that to be bullish on Bitcoin. I just have to see how it develops.”
Bitcoin is trading at $27,191 at the time of writing.
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