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Bloomberg Intelligence senior macro strategist Mike McGlone says Bitcoin (BTC) is likely to hit six figures, but the timing of such a rise remains unclear.
In a new interview with crypto influencer Scott Melker, McGlone warns traders that the price of the king crypto is likely to dip down to the $15,000 price level before making a run to new all-time highs.
The analyst likens the adoption rate of BTC to that of the first iteration of the internet, saying that he envisions the top digital asset by market cap booming to six figures sometime in the future, adding that investors should currently be “accumulating.”
“As far as demand, adoption, it is just so early days. It’s like [the] internet 20 years ago. Macro big picture, I see another zero being added to Bitcoin. It’s a question of time. You’re supposed to be accumulating. This short term bounce this year in January, that’s what I’m very concerned about – in every asset.
And just want to be careful [so] people understand that if you’re buying $23,000 you can easily have to ride it down to $15,000 before you see another zero get added on to the back of that number.”
McGlone goes on to further warn that he believes this month’s crypto market rally is a case of investor “hopium,” noting that crypto prices are likely to dip as the Federal Reserve continues tightening monetary policy as a means of countering inflation.
“I view this as way too much hopium early in the year versus the reality of running money. You’re supposed to be careful with this rally.”
Bitcoin is changing hands for $22,642 at time of writing, a 1.16% drop during the last 24 hours.
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