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Mike McGlone, Chief Commodities Strategist at Bloomberg Intelligence, has published several tweets, stating that it is vitally important for the world’s leading cryptocurrency, Bitcoin, to stay above the $100,000 level.
At the same time, he expressed a take that the BTC price is likely to keep ascending this year. McGlone also warned how financial markets might react should Bitcoin decline below the $100,000 level.
"Crypto prices have to continue rising"
McGlone’s tweet states that the main driver of the recent Bitcoin price pump has been Trump’s November election victory. He said that while, before it happened, the crypto community hoped that the BTC price would go up, now this attitude has changed to "price must go higher or else." This needs to happen, he stated, so that Bitcoin avoids “signalling a bubble peak and risk asset headwinds.”
The Bloomberg Intelligence expert believes that the Bitcoin price is likely to continue surging this year. If the opposite scenario takes place, he said, the stock market may also see a downturn, since BTC and stocks are closely interconnected, according to McGlone.
Yuri MolchanA Bitcoin decline below $100,000 might trigger “deflationary pressures and lower bond yields.” In this case, the Bloomberg strategist added, investors may turn their attention to gold as the traditional store of value and a hedge against falling markets.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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