Mike McGlone is a senior Bloomberg analyst and financial strategist. He recently shared his opinion about the future price development for Bitcoin. McGlone added that during the current year, Bitcoin is going to solidify its position as a strong substitute for gold. He also claimed that Bitcoin has already started to transition from risk-on to risk-off asset class.
It is worth mentioning that risk-off status is assigned to a cryptocurrency asset when the investors reduce their risks by selling and turn predominantly bearish. He also claimed that Bitcoin is on track to register a new ATH of $100k this year. According to McGlone, the new ATH is likely to happen before the end of this year.
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Bloomberg commodity strategist Mike McGlone recently told the media that he has confidence in Bitcoin making a big bullish comeback this year. He further claimed that, at present, Bitcoin is moving in an interesting pattern. He further explained that transitioning into risk-off assets will allow Bitcoin to become a solid store of value and digital gold.
McGlone also called Bitcoin the next big collateral on a global scale. He further added that the recent bearish phase for Bitcoin is another positive indication. He believes that Bitcoin is going through a natural correction stage that indicates the consolidation period. Meanwhile, the market analyst also shared his opinion about Ethereum and stablecoins trading for 2022.
Mike McGlone, the senior financial markets expert, recently told the media that Ethereum also has a chance to register big gains during the current year. He further explained that DeFi markets and NFT association with the Ethereum network could increase the number of users added to the blockchain project. Meanwhile, he also talked about stablecoins pegged to the USD.
He only added that a considerable amount of multiplication for the stablecoins is anticipated. He, however, is not very enthusiastic about the increasing number of altcoin projects depending solely on market speculation. He pointed out that economics does not back the stability for assets with unlimited supply and easy introduction into the market.