Bloomberg senior commodities analyst Mike McGlone talked about Bitcoin on his TV show.
Known to be on the bullish side for BTC in the long term, McGlone answered the question about the $8,000 drop analysis he mentioned for BTC earlier. McGlone said that this price level was the 50-week average just before the worldwide liquidity boom in 2019. So he argued that it should be going to these levels.
McGlone said he predicts a return to around $10,000, the level before these major liquidity bursts. As an example, he cited the return of crude oil to its former levels after rising.
McGlone said that after such spikes in the markets, investors should not forget the old price levels before the rise.
Saying that BTC is still in its infancy, McGlone explained that it has high volatility and will not lose its feature of being the best performing asset in history even if it drops to $ 10,000. McGlone also said that BTC shows the characteristics of digital gold and he expects it to reach $ 200,000 eventually.
However, he added that during the global economic reset that will happen according to his prediction, BTC will be the best indicator to evaluate risky assets.
*Not investment advice.
