Although the cryptocurrency market has been somewhat consolidated for a while, it has started the new year with an upward trend. senior commodity strategist at Bloomberg Mike McGloneshared his views on the future of the market and especially the price of Bitcoin (BTC).
McGlone told Scott Melker, also known as Wolf of All Streets, in a new interview published Jan. cryptocurrency He stated that he is not yet on the rise in terms of units, but Bitcoin could reach six-digit numbers in the next few years.
The correlations were all almost one-to-one, definitely down and up again this year. As a result, the most important leading indicator was crypto. So from this point of view, I can’t get bullish on cryptos in the short term yet.
McGlone remained optimistic for the Bitcoin price over the long term and previously stated that BTC could outperform gold as its biggest competitor in the future.
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I expect Bitcoin to reach $100,000 in the next few years, possibly around halving, maybe 2025.
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McGlone added that the recent “major shock in the crypto market has cleared the market,” adding that “we got rid of some bad players and unfortunately some innocents were hurt.” The strategist reiterated that this “really clears the market for a good long-term run.”
In terms of Bitcoin, the fourth halving event, which will take place in May 2024, reducing the reward for each block created to 3,125 BTC, is considered one of the critical dates that can raise the price.