Bitcoin ($BTC) Investors Needed to Accumulate Before Hit $150,000: Bloomberg Analyst

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Bitcoin ($BTC) investors should hoard the flagship cryptocurrency before its price explodes higher and hits $150,000, according to Bloomberg commodity strategist Mike McGlone, who is a crypto bull – well-known currency.

During an interview with cryptocurrency influencer Scott Melker, McGlone pointed out that he still believes the flagship cryptocurrency price will rise in the future, but warned traders that $BTC could dwindle. first falling to $15,000 before rising to new highs.

In the interview, McGlone compared the adoption of Bitcoins to the Internet in its early days, and pointed out that demand and adoption is still low because it was in the early days of cryptocurrencies, like the Internet ago. 20 years.

In his words, it’s a matter of time before BTC adds another zero to its price, and investors are expected to accumulate. He added:

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.

The commodity strategist added that he believes the recent rally in the cryptocurrency market which saw the flagship cryptocurrency price hit $23,000 this month is a hopeful case for investors, and that cryptocurrency prices are expected to continue falling as the Federal Reserve and other central banks continue to raise interest rates. to control inflation.

In his words, investors are expected to be cautious with this rally. Notably, last year McGlone defended that the Bitcoin price reaching $100,000 was only a matter of time as adoption and demand for the cryptocurrency increases.

McGlone notably accurately predicted in November 2020 that the price of BTC would cross the $20,000 mark and enter a parabolic rally in 2021. Last year, BTC hit a new all-time high near the 69,0000 mark. $ before undergoing a significant correction.

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