Bloomberg Intelligence senior macro strategist Mike McGlone says Bitcoin (BTC) is likely to reach six figures, but the timing of such an increase remains unclear.
In a new interview with crypto influencer Scott Melker, McGlone warns traders that the price of the king crypto is likely to fall to the $15,000 price level before racing to new all-time highs.
The analyst compares BTC’s adoption rate to that of the Internet’s first iteration, saying he envisions its main digital asset growing its market cap to six figures sometime in the future, adding that investors should “accumulate” at the moment .
“In terms of demand and adoption, it’s still so early. It’s like [the] internet 20 years ago. Macro big picture, I see another zero being added to Bitcoin. It’s a matter of time. You should add up. This near-term rebound this year in January, that’s what I’m very concerned about — in any asset.
And just want to be careful [so] people understand that if you buy $23,000 you have to easily take it to $15,000 before you see another zero added to the back of that number.
McGlone further cautions that he believes this month’s rally in the crypto market is a case of investor “hopium,” noting that crypto prices are likely to fall as the Federal Reserve continues to tighten monetary policy as a means of controlling inflation. to go.
“I consider this to be way too much hopium early in the year compared to the realities of running money. You are supposed to be careful about this rally.”
Bitcoin is changing hands at $22,642 at the time of writing, down 1.16% in the past 24 hours.
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