$BTC: Only ‘Question of Time’ Until Bitcoin Hits $100K Level, Says Bloomberg Strategist
Earlier this week, Mike McGlone, senior commodity strategist at Bloomberg Intelligence (Bloomberg’s research arm of the Bloomberg terminal), shared his latest thoughts on Bitcoin.
His comments were made during an interview with Daniela Cambone, Editor-at-Large and Anchor at Stansberry Research.
According to a report by The Daily Hodl, McGlone told Cambone:
“So Bitcoin, I think it is [only] a matter of time [until] it appreciates towards the $100,000 level. And at some point it will just slide in and kick into that bull market – maybe at the same time gold and government bonds do it price-wise.
“The key right now [is] it gets pounding, but it’s the most discounted it’s ever been on a 100-week and 200-week moving average, and those are simple facts about supply-demand adoption looking ahead to the next five or 10 years. Supply goes down with code. Demand and adoption are increasing.“
Last week, Nigel Green, CEO of UAE-headquartered deVere Group, which is “one of the world’s largest independent international financial consultants”, spoke about how serious long-term investors are benefiting from the volatility of the crypto market.
Green said:
“Markets are now predicting that policymakers at major central banks, including the US Federal Reserve and the Bank of England, are likely to remain resolute in pumping up interest rates in the battle to stamp out unexpectedly stubborn inflation… Five powerful officials at the world’s most influential central bank , the Fed, in comments issued on Thursday, maintained a hawkish theme that inflation remains far too high and that they will not be swayed to raise interest rates … We expect a 75 basis point increase when they gather on November 1-2 …
“Meanwhile, members of the Bank of England’s Monetary Policy Committee have delivered pretty clear hints that they will push through a big rise in interest rates when the MPC next meets on November 3…
“Given Bitcoin and Ether’s current correlation with the stock markets, we expect further, perhaps increased, volatility in the crypto market before the end of 2022… But for serious investors, this will not necessarily be seen as a bad thing… The big investors, including institutional they, will treat it the same as turbulence in any other market…
“Some of the world’s best investors consistently use market volatility as big buying opportunities in traditional financial markets – and the cryptocurrency market is now no different… When used efficiently and effectively, volatility can be an extremely powerful investment strategy… Experienced, long-term crypto investors will look to leave taking advantage of panic sellers by buying their digital currencies “on the cheap” to improve their investment portfolios… Serious investors will not be intimidated by further volatility. This is not their first rodeo.“
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