Analyst Mike McGlone of Bloomberg believes Bitcoin might hit this key support level before exploding 230 percent

Mike McGlone, a senior Bloomberg strategist, predicts Bitcoin (BTC) may tumble before reaching a six-figure price in the coming months.

McGlone predicts that the flagship cryptocurrency will likely fall to a critical support level of $30,000 before rallying to a price of $100,000, a 230% gain.

“If you buy it [Bitcoin] at around $41,000, I think, maybe in less than a year, you should expect to go around $100,000.

But at these levels right now, we might easily see $30,000 first. And I fully expect that’s kind of the risk-reward because $30,000 has been the key support.”

According to the senior Bloomberg strategist, Bitcoin is likely to follow markets in a downward trend before reversing.

“If the tide goes out, which I expect in equities, I fully expect Bitcoin to drop with it, gold to continue outperforming. And then Bitcoin and gold to come out ahead.

Now that’s a scenario. Now if I’m wrong, the stock market just keeps going straight up again, Bitcoin will outperform, like it has.”

McGlone believes that while Bitcoin is the highest-quality investment in the crypto asset field, it “needs to be rocked a little bit” before staging a rebound.

“Key thing about cryptos is they are the speculative excess example of the future. They can trade 24/7, 18,000 of them. You know what happened in Shiba Inu and things like those. That’s just silly.

But Bitcoin is the gold in the space. And it’s still speculative. I just really think it needs to be shaken out a little bit and then go back up as a whole market.”

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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