The cryptocurrency industry has started the new year on a bullish note, although it has been consolidating slightly in recent days. Senior commodity strategist at Bloomberg Mike McGlone shared his views on the future of the market and its representative asset, Bitcoin (BTC).
Indeed, McGlone admitted that he was not yet bullish on cryptocurrencies in the short term, but that Bitcoin could reach six figures in the next couple of years, as he told Scott Melker, a.k.a. Wolf of All Streets, in an interview published on January 30.
Commenting on the market movements in general, he explained that:
“The correlations have all gone almost one-to-one, certainly on the way down and bounced back up this year, and the key leading indicator has been crypto. So with that view, I just can’t get bullish on cryptos yet in the short term.”
As for the flagship decentralized finance (DeFi) asset, McGlone has retained his well-known optimistic attitude for the long term, previously stating that Bitcoin could outperform gold as its top competitor in the future. According to him:
“I fully expect Bitcoin in the next couple of years, by probably around the halving, maybe 2025, to get to $100,000.”
Crypto shakeout = long-term success?
McGlone added that the recent “massive shakeout in the crypto market has cleansed it,” getting “rid of some of the bad players, and unfortunately, some innocents get hurt,” reiterating that this “really cleanses the market for a good longer-term run,” which, as he said, wasn’t witnessed in the stock market.
In terms of Bitcoin, its fourth halving event, which is set to take place in May 2024, further halving the award of every block created to 3.125 BTC apiece, is widely regarded as a critical event that could trigger a significant upward pump for the price of the maiden crypto.
In December, the commodities expert also predicted a ‘warm spell’ for Bitcoin, suggesting it would resume its rally in 2023 and potentially outperform the financial markets, under the influence of the Federal Reserve pivoting to easing its aggressive monetary policy.
Bitcoin price analysis
Meanwhile, at the time of publication, Bitcoin was trading at the price of $22,898, which represents a decline of 0.39% on the day and 0.38% over the previous week but still a notable gain of 38.44% compared to 30 days before, according to the data retrieved on January 31.
At the same time, it is also worth noting that Bitcoin was profitable for its holders nearly 90% of the time since it started trading, recording 3,984 profitable days out of 4,545 (close to 12 and a half years), fueled by the asset’s aggressive adoption, as Finbold reported earlier.
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