Bloomberg Senior Commodity Strategist, Mike McGlone stated that the bull market for Bitcoin is not over and BTC could reach $70,000 in the near future.
In ‘The Tape’ podcast, Matt Miller and Paul Sweeney focus on market coverage, with analysis from Bloomberg Senior Commodity Strategist, Mike McGlone.
He expressed his thoughts that the oil market is “bearish”, but the situation with bitcoin is the opposite. Indeed, since the beginning of the year, the rate of the first cryptocurrency has grown by 64% and, according to McGlone, the growth of the digital asset market is far from over.
“From my point of view, a decline to $45,000 and beyond would be a sign of weakness, but this is unlikely,” said Mike McGlone.
A Bloomberg analyst believes that the next big target for BTC is $100,000. He repeatedly speaks about BTC going to $100K and does not backtrack on his words, but before that, Bitcoin needs to hit $70,000, after that he sees no major resistance along the way.
The top analyst also touched altcoins, but here McGlone has a more conservative view. In his opinion, only bitcoin, Ethereum, and stable coins are important. All other tokens and coins, including “meme coins” like Dogecoin, are highly speculative assets and will eventually leave the market.
According to the Strategist, One of the extremely positive factors for Bitcoin is the adoption of cryptocurrencies in the United States. The analyst expects that as early as next year (2022), US regulators will try to legalize the growing adoption of digital assets and develop the necessary regulatory framework for cryptocurrencies.