Bloomberg analyst Mike McGlone Very bullish on Bitcoin – but warns crypto assets will “suffer” if this happens
Bloomberg Intelligence Senior Macro Strategist Mike McGlone expresses optimism on Bitcoin (BTC) and other digital assets as the flagship crypto engages in swings in price movements.
McGlone says in a new Stansberry Research interview that he is “very bullish” on Bitcoin and other assets in the Bloomberg Galaxy Crypto Index as BTC increasingly becomes a “global digital security.”
However, the Bloomberg strategist says the macro landscape and the stock market could affect the growth potential of digital assets.
“Bitcoin, Ethereum, Bloomberg Galaxy Crypto Index, I’m very bullish on the big picture, but very concerned about ebbing tides to what I see in a potential bear market for stocks
So I see Bitcoin as global digital security in the world going that way, and every single risk manager on the planet, every day that goes by, they all know “I’ve got to have a piece of this.”
McGlone also says that in the short term, he is concerned that Bitcoin and other crypto assets could plunge if the stock market turns bearish.
“II’m just still worried about a blanket pull in the stock market. I mean, I expect a 20% drop the S&P500, and if I expect that, I expect crypto assets to suffer.”
While McGlone believes the crypto king will eventually hit his long-term price target of $100,000, he says Bitcoin’s performance is still largely dependent on stock market price action.
“Here’s the key difference I like to point out – Bitcoin ‘digital gold’ is going to do better, should continue to outperform most (other cryptoassets)…
But I’m afraid Bitcoin may have pressure below $20,000, around $20,000. And at some point it’s going to get above $100,000. It just remains to be seen how we get through this carpet in the stock market.”
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