U.TODAY – Mike McGlone, Bloomberg Intelligence raw materials strategist, has published several tweets in which he states that it is of vital importance for the main cryptocurrency of the world, staying above the level of $ 100,000.
At the same time, he expressed his opinion that the price of BTC is likely to continue going up this year. McGlone also warned how financial markets could react if Bitcoin fell below the $ 100,000 level.
“Cryptocurrency prices have to continue up”
The McGlone Tweet states that the main driver of Bitcoin’s recent price increase has been Trump’s electoral victory in November. He said that while before it happened, the cryptographic community expected the price of BTC to rise, now this attitude has changed to “the price must rise or otherwise.” This must happen, he said, for Bitcoin to avoid “pointing out a bubble peak and asset risks against.”
Bloomberg Intelligence expert believes that Bitcoin’s price is likely to continue going up this year. If the opposite scenario occurs, he said, the stock market could also suffer a slowdown, since BTC and the actions are closely interconnected, according to McGlone.
A Bitcoin drop below $ 100,000 could trigger “deflationary pressures and lower bond yields.” In this case, added the Bloomberg strategist, investors could focus their attention on gold as a traditional deposit of value and protection against market fall.
