The analyst predicted the BTC price would initiate a parabolic rally in 2021 when it reached a new all-time high near USD 69,000. He considers the drop in the value of cryptocurrencies will be temporary, and now is the best opportunity for long-term investors.
The measures taken by the Federal Reserve (Fed), the growing inflation, and the war have affected the economy worldwide. Bloomberg analyst Mike McGlone believes risky assets may have a pullback, and Bitcoin may achieve another maturation milestone this year.
Bitcoin still outperforms other assets amid a global crisis deepened by the conflict between Russia and Ukraine. Although the price is far from its all-time high, expectations are encouraging.
McGlone recently compared Bitcoin to gold and stocks, showing a clear superiority of the pioneering cryptocurrency since mid-2020.
The Bitcoin (BTC) price has just exceeded USD 40,000, making specialists optimistic about it benefiting from the variable international context in the short term.
BTC is trading at around USD 41,188 and has accumulated a 6.0% gain in the last week. Its daily trading volume is above USD 16.85 billion, and its market capitalization is about USD 782.14 billion, according to CoinGecko.
Bitcoin Will Outperform Gold, Mike McGlone Says
McGlone shared a graph showing the flagship cryptocurrency has outperformed gold, the S&P 500 total return index, and the growth in the US dollar supply.
In November 2020, the analyst predicted that the BTC price would exceed USD 20,000 and initiate a parabolic rally in 2021. The value of the cryptocurrency reached a new all-time high near USD 69,000 before undergoing a significant correction.
Galaxy Digital CEO Mike Novogratz believes that the Fed has not even started raising rates or extracting liquidity from the system. Throughout the year, analysts thought the Bitcoin price would risk between USD 30,000 and USD 50,000 to the upside, not the downside.
Novogratz also said he would be wrong about the adoption cycle if the price of Bitcoin were not at USD 500,000 within five years.
Bill Barhydt, the CEO of Abra, shared his outlook in the mid/long term for the price of BTC. In that way, the information technology expert revealed that he saw it at USD 250,000 in the future.
Apple co-founder Steve Wozniak said that Bitcoin was a technological miracle and a unique mathematical formula, predicting it will hit USD 100,000.
Now Is an Excellent Opportunity for Long-Term Investors to Buy Bitcoin
The Bloomberg analyst considers that the drop in the value of Bitcoin and the leading altcoins will be temporary. For that reason, now is the best opportunity that those that invest thinking of the long term will have in a long time.
McGlone commented that markets, including cryptocurrencies, are currently undergoing a significant correction. Therefore, he thinks it is convenient to take advantage of this decisive moment and invest in those spaces.
Finally, he believes that this would be an excellent opportunity for long-term traders to invest in Bitcoin. Everybody will remember this historical moment as a turning point.
By Alexander Salazar
