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.
Bitcoin Will Trade at $100k
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.
“Bitcoin, I think it’s a matter of time it appreciates towards that $100,000 level, and at some point, it’s 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,” McGlone stated.
According to the strategist, Bitcoin’s rally will be triggered by diminishing supply and increasing demand and adoption from investors in the next five to ten years.
“The key thing right now is it’s getting pounded, but it’s one of the most discounted it’s ever been on 100-week and 200-week moving averages, and it’s simple facts of supply demand and adoption,” he added.
McGlone said Bitcoin’s 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 Bitcoin’s 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.
“Bitcoin 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 that’s what Bitcoin does; it only goes down after it goes up a lot,” he explained.