Senior Commodity Strategist Says BTC Still On Track to Hit $100k
Bloomberg Intelligence’s Senior Commodity Strategist, Mike McGlone believes that once the bear market wanes, BTC could once again outperform other assets. He maintains a $100,000 target for Bitcoin by 2025.
McGlone spoke with Kitco (Watch the interview here) and said a “great reversion” is soon coming..
“I think what’s going to happen is the great reversion is just getting started. It might be like the aftermath of 1929. I think it’s going to be like the aftermath of 2008, maybe like after 1987.”
For those old enough to remember, the “aftermath” of the Black Monday crash of 1987 led to new all-time highs in the stock market, in just two years. In fact, in the decade following that “doomsday “scenario, the DJIA offered investors a total return of over 350%.
He believes that in the recovery, BTC will be “one of the best assets on the planet.”
Further, he said “30,000 is a very good support pivot in Bitcoin. It could get to 20,000, I doubt it does, but I fully expect within the next two years, it’s going to go back to and gets to 100,000 dollars.”
Watch Mike McGlone’s full Kitco interview, HERE