Senior commodity strategist Mike McGlone thinks $50,000 will probably flip from resistance to support for Bitcoin — and that $100,000 would be "meager" by the cryptocurrency's standards.
Bloomberg Intelligence’s Mike McGlone is generally bullish on crypto, and his outlook for October — looking ahead to the last three months of 2021 — is no exception.
Predicting stronger Bitcoin and Ether prices, the senior commodity strategist said “Bitcoin looks like a rested and discounted bull market.”
“If the benchmark crypto catches up a bit to the Bloomberg Galaxy Crypto Index (BGCI), Bitcoin would be closer to $70,000.”
“Many of the reasons for the summer decline are bullish long term.”
Specifically, he was referring to China’s latest — and harshest — attempt to drive out cryptocurrency speculation with a full trading ban. That ban, he said, “could prove futile and set the nation — not the crypto market's progress — back.”
By contrast, he pointed to America’s recent “embrace of crypto assets with open discourse and regulation” as a sign that China is heading in the wrong direction.
While noting that Beijing can continue to push back against digital currencies, McGlone said “we believe it's incapable of restricting a global free market of open-source software-based assets.”
“Reluctant acceptance might be inevitable,” he added.