According to a recent tweet by Mike McGlone, the senior commodity strategist at Bloomberg, it is only a matter of time before Bitcoin (BTC) trades at $100,000.
In his tweet, McGlone also mentions that inflation expectations have recently plunged in the US across all time horizons and that such market sentiment likely signals global deflationary trends, which means that the U.S. Federal Reserve will likely stop hiking rates.
Sinking crude oil prices are also part of this deflationary trend, according to McGlone, and they’re likely to signal continued global economic weakness in the second half of 2022.
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
McGlone goes on to say that such macroeconomic conditions may push investors to buy gold. At the same time, he sees the yellow metal reaching $2,000 again- while also believing that the flagship crypto will start acting as a high-beta version of gold and treasury bonds.
It should be noted that this is not the first time McGlone has predicted Bitcoin reaching a six-figure price. In Sept. 2021 the strategist tweeted that BTC had a chance to reach $100,000 by the end of the year.
Whether or not McGlone’s latest prediction comes true remains to be seen, but it’s definitely something worth keeping an eye on.
BTC gained nearly 4% during today’s trading and changed hands above $24.000, accelerating its weekly gain to about 3%.
Risk Our Money Not Yours | Get 50% Off Any Account
Disclaimer: This page contains affiliate links. If you choose to make a purchase after clicking a link, we may receive a commission at no additional cost to you. Thank you for your support!
Leave a Reply