Macroeconomic moods seem to have calmed down somewhat over the past few weeks. The new inflation figures in the United States went well yesterday, and energy prices are stabilizing again. According to leading Bloomberg analyst Mike McGlone, there’s a good chance that bitcoin (BTC) sooner or later will start again on a giant rally.
Bitcoin $100.000
According to McGlone, the current downward trend in oil prices will continue for a while. He expects the oil price to fall until a barrel has reached the price of just $50. That may take some time, but McGlone says it will usher in a period of “global deflationary trends.”
A Matter of Time? $2,000 #Gold$100,000 #Bitcoin$50 #CrudeOil –
The energy spike is proving its own worst enemy, with macroeconomic implications that may buoy gold and help Bitcoin transition toward a high-beta version of the metal and Treasury bonds. pic.twitter.com/4RO3wkMYxf— Mike McGlone (@mikemcglone11) August 8, 2022
The impact of this will be noticeable on assets such as gold and bitcoin. According to McGlone, they will be able to rise sharply as a result of the trends he predicts. He states that gold will reach a price of at least $2,000 per ounce and bitcoin could rise above $100,000. He even calls breaking this milestone for the bitcoin price inevitable.
“A matter of time? $2,000 gold, $100,000 bitcoin, $50 crude oil… The energy spike is proving to be its own worst enemy, with macroeconomic implications that could boost gold and help Bitcoin transition into a high-beta version of the metal and government bonds.”
Optimistic BTC Price Forecasts
It is not the first time McGlone predicts bitcoin will cross the $100,000 mark. He’s actually been calling this out for over a year. He did, however, predict in March of this year that a severe correction would take place before the bitcoin price will embark on a monster rally. Of course we now know that that correction actually came.
“But Bitcoin is the gold in this space. And it is still speculative. I just really think it needs to be shaken out a bit and then go back up like a whole market.”
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