Senior Bloomberg strategist Mike McGlone believes that Bitcoin (BTC) could decline before reaching a six-digit price in the coming months.
In a new video interview, McGlone said that the leading cryptocurrency could drop to the key $30,000 support level before rising to a price of $100,000, which would mean a 230% gain.
“If you buy Bitcoin at $41,000, I think you should expect it to go to around $100,000 in maybe less than a year. However, while we are currently at these levels, we can easily see $30,000 first. And I definitely expect it to be some kind of risk payoff because $30,000 was key support.”
Besides, the senior Bloomberg strategist also expects Bitcoin to follow stocks in a downtrend before moving in the opposite direction.
“If the stock tide I’m anticipating happens, I expect Bitcoin to drop with it, while gold continues to outperform. And then Bitcoin and gold will come to the fore. Now this is a scenario. If I am wrong, Bitcoin will perform better if the stock market continues its sideways movement again.”
According to McGlone, Bitcoin is the top quality investment in the crypto-asset space, but it “needs to be shaken up a bit” before it can move into a recovery phase.
“The great thing about cryptos is that they are a speculative example of the future. It can be traded 24/7, including 18,000 units. You know what’s in a Shiba Inu and stuff like that. This is just ridiculous.
But Bitcoin is gold in the field. And it’s still speculative. I just think it really needs to be shaken up a bit and then come back as a whole market.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.