Bloomberg’s senior commodity strategist Mike McGlone, who successfully predicted the steps taken by the leading crypto Bitcoin (BTC), shared his new predictions. According to the analyst, the leading cryptocurrency Bitcoin is still on its way to reach $100,000.
What to buy in such macroeconomic conditions?
Is the target of 100 thousand dollars for the leading cryptocurrency Bitcoin still valid? Considering that Bitcoin is at the level of 24 thousand dollars, it means a 4x increase. Mike McGlone, who hit Bitcoin predictions, shared his new predictions for Bitcoin. Known for accurate Bitcoin predictions You can take a look at Mike McGlone’s successful predictions from this article of Kriptokoin.com.
At first, the analyst believes that oil prices will continue on a downward trajectory in the second half of 2022. Sinking crude oil is likely to signal global deflationary trends, according to the analyst. That means the US Federal Reserve is likely to raise interest rates. According to a recent survey by the Federal Reserve Bank of New York, inflation expectations have fallen across all time frames in the US. According to Mike McGlone, gold can be bought in such macroeconomic conditions. Because McGlone predicts that the yellow metal will regain the $2,000 level.
Mike McGlone insists on 100 thousand dollars for Bitcoin!
However, the commodity strategist says that Bitcoin will begin to act as a high beta version of gold and Treasuries. McGlone has repeatedly stated that Bitcoin could reach $100,000 by the end of 2021. However, other accurate predictions deviated from this prediction. In fact, the leading cryptocurrency dropped to $ 17,600 this June. Still, the analyst continues to stand behind his extreme bullish forecast.
As you follow on Kriptokoin.com, the US employment report shocked the markets last week. The extremely strong jobs report will likely encourage the US Federal Reserve to cut rates more aggressively. Mike McGlone says the biggest headwind for Bitcoin is an emboldened Fed.
Meanwhile, earlier today, Bitcoin price rallied above the $24,000 level, along with equities. The leading cryptocurrency is still 65.39% away from the record level. It is not known whether it is possible to reach the $100,000 level that Mike McGlone has pointed out as a target. However, to achieve this level, Bitcoin needs to record an increase of 316%.
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