Bloomberg analyst Mike McGlone is very bullish on Bitcoin but warns crypto assets will suffer if this happens

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Mike McGlone, senior macro strategist at Bloomberg Intelligence, expresses optimism on Bitcoin (BTC) and other digital assets as the flagship crypto engages in seesaw price movements.

McGlone said in a new interview with Stansberry Research that he is very bullish on Bitcoin and other Bloomberg Galaxy Crypto Index assets as BTC increasingly becomes a global digital collateral.

However, the Bloomberg strategist says the macro landscape and the stock market could impact the growth potential of digital assets.

Bitcoin, Ethereum, the Bloomberg Galaxy Crypto Index, I’m very optimistic overall, but very concerned about the falling tide of what I see in a potentially bearish stock market

So I see bitcoin as a global digital collateral in the world going in that direction and every risk manager on the planet, every passing day, they all know I have to have a piece of that.

McGlone also says that in the short term, he fears that Bitcoin and other crypto assets could crash if the stock market turns bearish.

It’s just that I’m still worried about a stock market slump. I mean, I fully expect a 20% drop in the S&P 500, and if I expect that, I expect crypto assets to suffer.

While McGlone believes the king of crypto will eventually reach his long-term price target of $100,000, he says Bitcoin’s performance is still largely dependent on price action in the stock market.

Here’s the main difference I like to point out Bitcoin digital gold will do better, should continue to outperform most (other crypto assets)

But I fear that Bitcoin is under pressure below $20,000, or around $20,000. And at some point, it’s going to exceed $100,000. We just have to see how we get through this draw in the stock market.

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