According to Mike McGlone, senior commodity strategist at Bloomberg, the most valuable cryptocurrency bitcoinstill has a chance to reach $100,000.
McGlone says oil prices will continue on a downward trajectory in the second half of 2022. believes. In this way, crude oil is likely to signal global deflationary trends, which means that the US Federal Reserve will most likely curb interest rates.
Inflation expectations are on the decline in the United States, according to a recent survey by the Federal Reserve Bank of New York.
A Matter of Time? $2,000 #Gold$100,000 #Bitcoin$50 #CrudeOil –
The energy spike is proving its own worst enemy, with macroeconomic implications that may buoy gold and help Bitcoin transition toward a high-beta version of the metal and Treasury bonds. pic.twitter.com/4RO3wkMYxf— Mike McGlone (@mikemcglone11) August 8, 2022
In such macroeconomic conditions, investors can buy gold. McGlone predicts that the yellow metal will regain the $2,000 level. At the same time, he believes that Bitcoin will begin to act as the top version of gold and Treasuries.
Koinfinans.com As reported by McGlone, he has repeatedly stated that Bitcoin could reach $100,000 by the end of 2021. But his prediction was terribly wrong: the largest cryptocurrency dropped as low as $17,600 this June. Still, the analyst continues to stand behind his overly high forecast.
Last week The US Department of Labor shocked markets with an unexpectedly strong employment report. The extremely strong employment report likely spurred the Federal Reserve to cut rates more aggressively.
McGlone has previously also been a leading cryptocurrency He noted an emboldened Fed as the biggest headwind for his unit.
Earlier today, Bitcoin price rallied above the $24,000 level, along with stocks. On the other hand, the leading crypto Bitcoin needs to increase by 316% to reclaim the $100,000 level.
You can follow the current price action here.
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.