In this line, commodity strategist at Bloomberg Intelligence Mike McGlone has stated that Bitcoin’s value is highly discounted at its current price but projected that the asset would rally to a high of $100,000 during an interview with Stansberry Research on October 17. According to McGlone, Bitcoin’s rally will be inspired by the diminishing supply and increased demand from investors, a factor missing from other assets terming Bitcoin the ‘fastest horse in the race.’
Bitcoin following historical trajectory
Furthermore, the strategist pointed out that the current Bitcoin price should not be of concern, noting it follows a historical trajectory for the flagship cryptocurrency.
Fed’s tightening likely to slow down
It is worth noting that Bitcoin has corrected significantly due to continued Federal Reserve tightening to control soaring inflation. However, McGlone expects the Fed tightening to slow down amid a possible recession. Furthermore, McGlone had recently noted that cryptocurrencies are likely to emerge top from the current bear market. He argued that cryptocurrencies are the fastest-growing technology that will have the upper hand once the ongoing market conditions are over. Watch the full interview below: Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
