According to Bloomberg commodity strategist Mike McGlone, a well-known cryptocurrency bull, Bitcoin ($BTC) investors should be accumulating the flagship cryptocurrency before its price explodes upward and reaches $150,000.
McGlone stated in an interview with cryptocurrency influencer Scott Melker that he still believes the flagship cryptocurrency’s price will rise in the future, but warned traders that $BTC could first fall to $15,000 before rising to new highs.
In the interview, McGlone compared Bitcoin’s adoption to that of the internet in its early days, noting that demand and adoption are still low because the cryptocurrency is in its “early days,” much like the internet was 20 years ago.
According to him, it’s only a “matter of time” before Bitcoin adds “another zero” to its price, and investors are “supposed to be accumulating.” He went on to say:
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.
The commodity strategist also believes that the recent cryptocurrency market rally, which saw the flagship cryptocurrency’s price reach $23,000 this month, is a case of investor “hopium,” and that cryptocurrency prices are likely to continue falling as the Federal Reserve and other central banks continue to raise interest rates to control inflation.
According to him, investors are “supposed to be cautious with this rally.” Notably, McGlone defended Bitcoin’s price reaching $100,000 last year as a “matter of time,” as both adoption and demand for the cryptocurrency grow.
McGlone correctly predicted in November 2020 that the price of Bitcoin would surpass $20,000 and enter a parabolic rally in 2021. BTC reached a new all-time high near $69,0000 last year before experiencing a significant correction.
