Mike McGlone, Bitcoin He offered several reasons why it might take time to reach the $150,000 level. First, he pointed out that Bitcoin has underperformed compared to traditional markets such as the S&P 500 and NASDAQ over the past few years. In this case, he stated that Bitcoin needs to recover and outperform traditional markets. He also emphasized that the potential launch of Ethereum ETFs could be a positive development for Bitcoin.
McGlone is Tether’s most widely traded currency, which serves as a stable digital representative of the US dollar. cryptocurrency He also discussed his tendency to be a unit. He also discussed factors such as the impact of taxes on cryptocurrency transactions and the need for regulatory compliance.
He also noted that current market signals based on historical patterns point to deflationary pressures following periods of significant inflation. McGlone emphasized the potential for deflationary pressures that could impact Bitcoin in a scenario such as a stock market correction and the role the Federal Reserve could play in such a situation. He suggested that the combination of these factors could make it time-consuming for BTC to reach higher levels.
However, he also acknowledged the risk of inflation followed by short-term deflation, especially given expansionary monetary policies.
“In my opinion, it is only a matter of time before Ethereum ETFs launch, but there will be problems in the meantime. But I think the S&P 500 needs another 30% to reach $150,000.”
