Although Bitcoin (BTC) is still far from the all-time high it reached in November 2021, according to some, the asset shows a different strength, especially when compared to the stock market. Bloomberg senior commodity strategist Mike McGlone, who previously knew $ 10 thousand, $ 12 thousand and $ 50 thousand in Bitcoin price, conveyed his latest comments on the market. As Kriptokoin.com, we share the details…
Mike McGlone: Bitcoin (BTC) shows a “different strength”
Mike McGlone previously said that the markets are very much ready for a very important correction, especially in terms of stocks. He stressed that it was delayed, but recently noted on March 4 that Bitcoin was “showing a different strength.” In addition, McGlone said that “Digital Gold” is ready for victory, stating that Bitcoin will be subject to deflationary pressures after the 2021 peaks. He added that Bitcoin may be developing a global “digital collateral” as its losses on the Nasdaq 100 are less than in 2002. The commodity strategist said:
Bitcoin $40,000 or Nasdaq 14,000? Digital gold is dominating – Bitcoin is facing deflationary forces after its excesses in 2021, but crypto is showing a different strength. With losses less than half that of the Nasdaq 100 in 2002, BTC may be maturing to become a global digital collateral.
McGlone doesn’t think BTC will lose $30,000
Although there was a brief drop in Bitcoin value after Russia’s invasion of Ukraine on February 24 McGlone noted that although there are downside risks, the decline provides a “very good buying opportunity” for long-term investors. Since then, Bitcoin has slumped from $39,000 to just under $35,000 at the end of last week, briefly climbing all the way to $45,000 on March 2. But at the time of writing it was under $40,000. McGlone also used the following statements:
I don’t think Bitcoin will go far below $30,000. It is holding good resistance around $40,000. I think this will ultimately be a very good buying opportunity for long-term traders. It will be considered a defining moment in history.
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