Bloomberg’s top analyst says Bitcoin (BTC) should add another zero to the price, but there’s a catch

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Bloomberg Intelligence senior macro strategist Mike McGlone said Bitcoin (BTC) is likely to hit six figures, but the timing of such a surge remains uncertain.

In a new interview with crypto influencer Scott Melker, McGlone warns traders that the price of the crypto king is likely to drop to the $15,000 price level before hitting new all-time highs.

The analyst compares BTC’s adoption rate to that of the first iteration of the internet, saying he envisions the best digital asset by booming six-digit market capitalization in the future, adding that investors should currently s ‘accumulate.

In terms of the application, the adoption is so early. It’s like [the] Internet 20 years ago. Macro overview, I see another zero added to bitcoin. It’s a question of time. You are supposed to accumulate. This short-term bounce this year in January is what worries me a lot about every asset.

And I just wanna be careful [so] people understand that if you buy $23,000, you’ll easily have to reduce it to $15,000 before you see another zero added to the back of that number.

McGlone goes on to warn that he thinks the recovery of the crypto market this month is a case of hope for investors, noting that crypto prices are likely to decline as the Federal Reserve continues to tighten monetary policy. as a way to fight inflation.

I consider this to be way too much hope at the start of the year compared to the reality of current money. You’re supposed to be careful with this rally.

Bitcoin is changing hands for $22,642 at the time of writing, a decline of 1.16% in the last 24 hours.

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