Bloomberg’s senior commodity strategist Mike McGlone has made a price prediction for BTC following the general bearish wave that sent the Bitcoin price below $80,000.
McGlone said that as long as the price of assets continues to rise, everyone identifies as a long-term investor. He said he doesn’t know how the price of Bitcoin went from $10,000 to $100,000 just a short time ago in 2020, but that trends came into play and made it happen.
The analyst now argues that he sees a return to $10,000 in the BTC price. McGlone, who has been a pro-Bitcoin stance in the past, seems to have completely abandoned this behavior, as he also made fun of the technology behind BTC. He criticized Bitcoin, saying that its technology is “so great, that’s why the most traded cryptocurrency is Tether, which is a dollar token.”
On the other hand, he argued that Tether's market value is on track to soon surpass that of the world's largest altcoin, Ethereum.
McGlone thinks risk assets may have reached a peak in their speculative cycle, especially in light of the new tariffs.
*This is not investment advice.
