$BTC: Bloomberg Senior Macro Strategist on Why He’s Not Yet ‘Bullish Bitcoin’
Bloomberg Intelligence Senior Macro Strategist Mike McGlone recently expressed his opinions on Bitcoin during a conversation with Scott Melker on the “Wolf of All Streets” podcast.
McGlone emphasized that savvy investors and institutions increasingly recognize the need to include Bitcoin in their portfolios, suggesting that by 2024, the focus will shift toward a severe recession and political leanings, making it an excellent setup for Bitcoin.
During the interview, McGlone explained that astute investors and institutions worldwide are realizing the importance of incorporating Bitcoin into their assets every passing day. He also expressed enthusiasm for the future.
As Bitcoin continues establishing itself as a global digital reserve asset, McGlone acknowledged its potential to become a store of value amidst high stock market volatility. He noted that the reaction of Bitcoin’s price in relation to the S&P 500’s movement would be a key indicator of its future performance.
He emphasized that if the S&P 500 reached new lows and headed toward 3,000, it would be interesting to observe Bitcoin’s reaction. Ideally, Bitcoin’s price would not dip below $20,000 during such market conditions.
McGlone also discussed his long-term outlook on Bitcoin’s price, suggesting that more significant signals could indicate a potential rise to $100,000. However, he admitted to being bearish on the stock market, particularly the S&P 500, which he considers the primary measure of risk assets worldwide. He stated that he needed to see how the stock market situation unfolds before adopting a more bullish stance on Bitcoin.