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Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, believes Bitcoin is at its most discounted price on a 100-week and 200-week moving average. He also predicted that the crypto asset would trade 5x its current price in five to ten years.
During a recent interview with Stansberry Research, McGlone opined that Bitcoin is getting pounded by the Federal Reserve and so is at its most discounted price.Â
Bitcoin Will Trade at $100kÂ
The Bloomberg strategist is unfazed by the current bear market as he believes Bitcoin will eventually break into a bull run and rally toward $100,000 in the future.
âBitcoin, I think itâs a matter of time it appreciates towards that $100,000 level, and at some point, itâs going to just slip in and kick into that bull market, maybe at the same time gold and treasury bonds do in terms of price,â McGlone stated.
According to the strategist, Bitcoinâs rally will be triggered by diminishing supply and increasing demand and adoption from investors in the next five to ten years.
âThe key thing right now is itâs getting pounded, but itâs one of the most discounted itâs ever been on 100-week and 200-week moving averages, and itâs simple facts of supply demand and adoption,â he added.
McGlone said Bitcoinâs deflationary trait is peculiar to it as virtually no other asset in its early days of adoption is like that. He called Bitcoin a benchmark digital asset and a rapidly advancing technology, urging people to become a part of it.
Bitcoin Only Goes Down After It Goes Up a Lot
While talking about Bitcoinâs price movements over time, the commodity analyst noted that the asset only drops after recording a significant pump. He believes Bitcoin is building a foundation around the $19,000 and $20,000 price levels, just like it did in 2018/2019 when it rested around $5,000.
âBitcoin is building a foundation around $19,000 to $20,000 like it did around $5,000 in 2018/19. It did get as low as $3,000, and here we are at $19,000. So thatâs what Bitcoin does; it only goes down after it goes up a lot,â he explained.
The post Bitcoin Is Trading at Discount and Will Rally to $100k: Bloomberg Strategist appeared first on CryptoPotato.
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