2024

Bitcoin

Spot

James

Mike McGlone, Senior commodity strategist at Bloomberg Intelligence, has made a rather <a href="https://www.newsbtc.com/news/bitcoin/standard-chartered-bitcoin-50000/">pessimistic prediction for Bitcoin</a>, emphasizing that the cryptocurrency’s potential rise to $150,00 was a long shot. The strategist has revealed factors that could make Bitcoin’s projected surge to $150,000 difficult, highlighting both macroeconomic trends and <a href="https://bitcoinist.com/bitcoin-price-suffers-sharp-decline/" rel="nofollow">Bitcoin’s performance in 2024</a>.&nbsp; 
<h2 id="bitcoin-surge-to-150-000-unlikely">Bitcoin Surge To $150,000 Unlikely</h2> 
In a recent <a href="https://x.com/mikemcglone11/status/1787489366752842233?s=46" rel="nofollow">interview</a> with Scott Melker, the host of “The Wolf Of All Streets,” podcast, McGlone discussed Bitcoin’s price fundamentals and its possible rise to $150,000 in the 2024 bull cycle.&nbsp; 
Comparing <a href="https://bitcoinist.com/bitcoin-leads-sp-500-michael-saylor-asserts/" rel="nofollow">Bitcoin with the stock market index, the S&amp;P 500</a>, the Bloomberg strategist disclosed that the cryptocurrency was currently showing “divergent weakness,” highlighting that Bitcoin’s performance against the S&amp;P 500 in 2021 was greater compared to 2024.&nbsp; 
He also revealed that Bitcoin was displaying a similar weak performance to <a href="https://bitcoinist.com/bitcoin-and-gold-hit-record-breaking-milestones/" rel="nofollow">Gold</a>, emphasizing current market conditions and the risk of short-term deflation in the financial market.&nbsp; 
The combination of these factors pushes McGlone to believe that <a href="https://www.newsbtc.com/press-releases/standard-chartered-says-bitcoin-still-headed-for-150000-amid-perfect-storm/">Bitcoin’s short-term projected rise to $150,000</a> was unlikely.&nbsp; 
While the Bloomberg strategist made his foreboding prediction despite Bitcoin’s overperformance at the beginning of the year, McGlone still remains optimistic about <a href="https://bitcoinist.com/santiment-explains-why-bitcoin-price-below-67000/" rel="nofollow">the cryptocurrency’s price</a> and fundamental value in the long term.&nbsp; 
Co-founder and CEO of CoinRoutes, Dave Weisberger, who was also in the podcast with McGlone, made a more <a href="https://bitcoinist.com/bitcoin-price-set-to-double/" rel="nofollow">optimistic prediction for Bitcoin</a>. Basing his analysis on historical trends and patterns as far back as 2015, Weisberger forecasted that <a href="https://bitcoinist.com/bitcoin-peak-december-over-200000/" rel="nofollow">Bitcoin could rise to $200,000</a> this cycle.&nbsp; 
His forecast is also acknowledged by reformed hedge fund manager, James Lavish, who revealed in the podcast that <a href="https://bitcoinist.com/breaking-spot-bitcoin-etfs-approved-by-us-sec/" rel="nofollow">Spot Bitcoin ETFs </a>could become a potential driver for Bitcoin’s continuous growth. This is attributed to the massive <a href="https://bitcoinist.com/without-spot-bitcoin-etfs-btc-down-20-founder/" rel="nofollow">impact Bitcoin ETFs </a>had on the cryptocurrency’s price following its launch on January 11, 2024.&nbsp; 
After Spot Bitcoin ETFs were <a href="https://bitcoinist.com/over-4-billion-traded-as-spot-bitcoin-etfs-go-hot/" rel="nofollow">successfully released into the market</a>, the price of Bitcoin skyrocketed to new all-time highs above $73,000. At the time of writing, the cryptocurrency is trading at $63,778, marking a 0.89% increase over the past seven days, according to CoinMarketCap.&nbsp; 
<h2 id="btc-crash-presents-perfect-opportunity">BTC Crash Presents Perfect Opportunity</h2> 
According to Lavish, if <a href="https://www.newsbtc.com/news/bitcoin/bitcoin-price-prediction-to-42000/">Bitcoin crashes down</a> to the $30,000 to $40,000 range, it would present a “tremendous opportunity” for investors to <a href="https://www.newsbtc.com/news/bitcoin/buy-bitcoin-ethereum-bull-run/">acquire substantial value in a long-term asset</a> that will essentially hold its value and continue to appreciate in the future.&nbsp; 
The reformed hedge fund manager revealed that Bitcoin’s short-term volatility and market unpredictability could produce long-term capture of value. This suggests that by strategically navigating through the price fluctuations of Bitcoin, investors could potentially capitalize on its volatility to accumulate wealth over time, which in turn could favorably impact the price of the cryptocurrency. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/4l9JmWow/" alt="Bitcoin price chart from Tradingview.com
" width="3286" height="1576">

Bloomberg’s Mike McGlone Reveals Why A $150,000 Bitcoin Price Target Is Far Off

Table of Contents

NewsBTC

Other articles published on May 7, 2024

Here’s Why Bitcoin Price Is Falling Suddenly

Shiba Inu (SHIB) Coin’s Key Indicator Skyrockets by Nearly 400%: Unveiling the Details

Critical SEC Decision on Gary Gensler’s SAB 121 Policy: Potential Impact on Bitcoin (BTC) and Cry...

Bitcoin (BTC) Leads Crypto Industry’s $100M Super PAC Investment for 2024 US Elections

Ex-Sequoia Executive Boosts BlackRock Bitcoin ETF With $24M, Doubles Meta Stake

Recent Trends and Predictions in Cryptocurrency Markets

Join our free newsletter for daily crypto updates!