Bloomberg’s senior commodity strategist Mike McGlone has made a price prediction for BTC after the overall drop wave that caused the Bitcoin price to fall below 80,000 dollars.
McGlone said that as long as the prices of assets continue to rise, everyone defines themselves as long-term investors. He stated that he does not know how the price of Bitcoin was able to reach 100,000 dollars shortly before hitting 10,000 dollars in 2020, but the trends came into play to make this happen.
The analyst argued that BTC price is now seeing a pullback towards 10,000 dollars. McGlone, who has previously shown a pro-Bitcoin stance, seems to have completely abandoned this behavior as he mocked the technology behind BTC as well. He criticized Bitcoin by stating that its technology is “very great, which is why the most traded cryptocurrency is a dollar token called Tether.”
On the other hand, it was argued that Tether’s market value is on the path to surpassing even the world’s largest altcoin, Ethereum.
Especially in light of the new customs duties, McGlone believes that risk assets may have reached their peak in speculative cycles.
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