{"id":606882,"date":"2024-05-07T18:00:30","date_gmt":"2024-05-07T18:00:30","guid":{"rendered":"https:\/\/wncen.com\/?p=606882"},"modified":"2024-06-11T07:01:11","modified_gmt":"2024-06-11T07:01:11","slug":"150000-bitcoin-price-target","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/150000-bitcoin-price-target\/","title":{"rendered":"Bloomberg\u2019s Mike McGlone Reveals Why A $150,000 Bitcoin Price Target Is Far Off"},"content":{"rendered":"

Mike McGlone, Senior commodity strategist at Bloomberg Intelligence, has made a rather <\/span>pessimistic prediction for Bitcoin<\/span><\/a>, emphasizing that the cryptocurrency\u2019s potential rise to $150,00 was a long shot. The strategist has revealed factors that could make Bitcoin\u2019s projected surge to $150,000 difficult, highlighting both macroeconomic trends and <\/span>Bitcoin\u2019s performance in 2024<\/span><\/a>.\u00a0<\/span><\/p>\n

Bitcoin Surge To $150,000 Unlikely<\/h2>\n

In a recent <\/span>interview<\/span><\/a> with Scott Melker, the host of \u201cThe Wolf Of All Streets,\u201d podcast, McGlone discussed Bitcoin\u2019s price fundamentals and its possible rise to $150,000 in the 2024 bull cycle.\u00a0<\/span><\/p>\n

Related Reading: Crypto Whale Spends $10.4 Million On PEPE, Do They Know Something You Don\u2019t?<\/a><\/div>\n

Comparing <\/span>Bitcoin with the stock market index, the S&P 500<\/span><\/a>, the Bloomberg strategist disclosed that the cryptocurrency was currently showing \u201cdivergent weakness,\u201d highlighting that Bitcoin\u2019s performance against the S&P 500 in 2021 was greater compared to 2024.\u00a0<\/span><\/p>\n

He also revealed that Bitcoin was displaying a similar weak performance to <\/span>Gold<\/span><\/a>, emphasizing current market conditions and the risk of short-term deflation in the financial market.\u00a0<\/span><\/p>\n

The combination of these factors pushes McGlone to believe that <\/span>Bitcoin\u2019s short-term projected rise to $150,000<\/span><\/a> was unlikely.\u00a0<\/span><\/p>\n

While the Bloomberg strategist made his foreboding prediction despite Bitcoin\u2019s overperformance at the beginning of the year, McGlone still remains optimistic about <\/span>the cryptocurrency\u2019s price<\/span><\/a> and fundamental value in the long term.\u00a0<\/span><\/p>\n

Co-founder and CEO of CoinRoutes, Dave Weisberger, who was also in the podcast with McGlone, made a more <\/span>optimistic prediction for Bitcoin<\/span><\/a>. Basing his analysis on historical trends and patterns as far back as 2015, Weisberger forecasted that <\/span>Bitcoin could rise to $200,000<\/span><\/a> this cycle.\u00a0<\/span><\/p>\n

His forecast is also acknowledged by reformed hedge fund manager, James Lavish, who revealed in the podcast that <\/span>Spot Bitcoin ETFs <\/span><\/a>could become a potential driver for Bitcoin\u2019s continuous growth. This is attributed to the massive <\/span>impact Bitcoin ETFs <\/span><\/a>had on the cryptocurrency\u2019s price following its launch on January 11, 2024.\u00a0<\/span><\/p>\n

After Spot Bitcoin ETFs were <\/span>successfully released into the market<\/span><\/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.\u00a0<\/span><\/p>\n

BTC Crash Presents Perfect Opportunity<\/h2>\n

According to Lavish, if <\/span>Bitcoin crashes down<\/span><\/a> to the $30,000 to $40,000 range, it would present a \u201ctremendous opportunity\u201d for investors to <\/span>acquire substantial value in a long-term asset<\/span><\/a> that will essentially hold its value and continue to appreciate in the future.\u00a0<\/span><\/p>\n

Related Reading: Crypto Analyst Says Cardano Bloodbath Far From Over, Sets Bottom Price For ADA<\/a><\/div>\n

The reformed hedge fund manager revealed that Bitcoin\u2019s 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.<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC bears and bulls continue tug of war | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from ETF Stream, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Mike McGlone, Senior commodity strategist at Bloomberg Intelligence, has made a rather pessimistic prediction for Bitcoin, emphasizing that the cryptocurrency\u2019s potential rise to $150,00 was a long shot. The strategist has revealed factors that could make Bitcoin\u2019s projected surge to $150,000 difficult, highlighting both macroeconomic trends and Bitcoin\u2019s performance in 2024.\u00a0 Bitcoin Surge To $150,000 Unlikely In a recent interview with Scott Melker, the host of \u201cThe Wolf Of All Streets,\u201d podcast, McGlone discussed Bitcoin\u2019s price fundamentals and its possible rise to $150,000 in the 2024 bull cycle.\u00a0 Related Reading: Crypto Whale Spends $10.4 Million On PEPE, Do They Know Something You Don\u2019t? Comparing Bitcoin with the stock market index, the S&P 500, the Bloomberg strategist disclosed that the cryptocurrency was currently showing \u201cdivergent weakness,\u201d highlighting that Bitcoin\u2019s performance against the S&P 500 in 2021 was greater compared to 2024.\u00a0 He also revealed that Bitcoin was displaying a similar weak performance to Gold, emphasizing current market conditions and the risk of short-term deflation in the financial market.\u00a0 The combination of these factors pushes McGlone to believe that Bitcoin\u2019s short-term projected rise to $150,000 was unlikely.\u00a0 While the Bloomberg strategist made his foreboding prediction despite Bitcoin\u2019s overperformance at the beginning of the year, McGlone still remains optimistic about the cryptocurrency\u2019s price and fundamental value in the long term.\u00a0 Co-founder and CEO of CoinRoutes, Dave Weisberger, who was also in the podcast with McGlone, made a more optimistic prediction for Bitcoin. Basing his analysis on historical trends and patterns as far back as 2015, Weisberger forecasted that Bitcoin could rise to $200,000 this cycle.\u00a0 His forecast is also acknowledged by reformed hedge fund manager, James Lavish, who revealed in the podcast that Spot Bitcoin ETFs could become a potential driver for Bitcoin\u2019s continuous growth. This is attributed to the massive impact Bitcoin ETFs had on the cryptocurrency\u2019s price following its launch on January 11, 2024.\u00a0 After Spot Bitcoin ETFs were successfully released into the market, 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.\u00a0 BTC Crash Presents Perfect Opportunity According to Lavish, if Bitcoin crashes down to the $30,000 to $40,000 range, it would present a \u201ctremendous opportunity\u201d for investors to acquire substantial value in a long-term asset that will essentially hold its value and continue to appreciate in the future.\u00a0 Related Reading: Crypto Analyst Says Cardano Bloodbath Far From Over, Sets Bottom Price For ADA The reformed hedge fund manager revealed that Bitcoin\u2019s 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. BTC bears and bulls continue tug of war | Source: BTCUSD on Tradingview.com Featured image from ETF Stream, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":606910,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[167,428,656,679,1039,83971,1119,89185,1122,1144,78790,6664,26263,14690,63405],"class_list":["post-606882","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bloomberg","tag-bloomberg-analyst","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news","tag-mike-mcglone"],"acf":[],"yoast_head":"\nBloomberg\u2019s Mike McGlone Reveals Why A $150,000 Bitcoin Price Target Is Far Off<\/title>\n<meta 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bloomberg\u2019s Mike McGlone Reveals Why A $150,000 Bitcoin Price Target Is Far Off","url":"http:\/\/wncen.com\/news\/150000-bitcoin-price-target\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/150000-bitcoin-price-target\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_933896.jpeg?resize=200%2C173","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_933896.jpeg?fit=291%2C173"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["analyst","bitcoin","bitcoin news","bitcoin price","bloomberg","bloomberg analyst","btc","btc news","btc price","btcusd","btcusdt","crypto","crypto analyst","crypto news","mike mcglone"],"dateCreated":"2024-05-07T18:00:30Z","datePublished":"2024-05-07T18:00:30Z","dateModified":"2024-06-11T07:01:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bloomberg\\u2019s Mike McGlone Reveals Why A $150,000 Bitcoin Price Target Is Far Off\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/150000-bitcoin-price-target\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/150000-bitcoin-price-target\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Bitcoin_933896.jpeg?resize=200%2C173\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Bitcoin_933896.jpeg?fit=291%2C173\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"analyst\",\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"bloomberg\",\"bloomberg analyst\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"crypto\",\"crypto analyst\",\"crypto news\",\"mike mcglone\"],\"dateCreated\":\"2024-05-07T18:00:30Z\",\"datePublished\":\"2024-05-07T18:00:30Z\",\"dateModified\":\"2024-06-11T07:01:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_933896.jpeg?fit=291%2C173","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/606882"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=606882"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/606882\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/606910"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=606882"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=606882"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=606882"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}