Mike McGlone, senior macro strategist at Bloomberg Intelligence, says the foundation is set for a strong performance for Bitcoin (BTC) next year.
In a new interview with Scott Melker, McGlone said the Bitcoin halving event, along with a host of other fundamental developments, will propel the flagship cryptocurrency in 2024. Bitcoin halving occurs every four years when the supply of newly issued BTC is halved, an event that has historically coincided with Bitcoin bull markets.
McGlone said, "The point is what's stopping this trajectory? In the big picture of trying to play chess for this $10,000 move, I guess there's a lot of bitcoin right now that can make you lose your hair. Bottom line smart investors, institutions on earth Realizing every day that they need a piece of this asset. I think by the halving in '24 we're going to be talking about a pretty deep recession with all the politics leaning toward the republican at least the president and next year it's going to be a good arrangement. I'm really looking forward to it."
McGlone said that in the short term, he is not entirely bullish on Bitcoin and is waiting for the performance of the S&P 500 Index (SPX). He said the SPX is a reliable gauge of volatility in other risky assets like bitcoin. “The current trajectory is that Bitcoin is emerging as a global digital reserve asset, and potentially a store of value, as stock market volatility is high. The key is assuming the S&P hits new lows and heads toward $3,000. Let’s See how bitcoin reacts. It would be great if it doesn't go below $20,000. But we'll have to see. I don't know. In the long run, as we get through this period, there will be More Important Signals Point To Bitcoin Heading To $100,000.
I'm so bearish [on the] stock market. The number one measure of risk asset beta on the planet is the S&P 500. I'm still too bearish on Bitcoin. I just want to see how it turns out. "
