Mike McGlone, chief commodities strategist at Bloomberg Intelligence, has published several tweets, stating that it is vitally important for the world’s leading cryptocurrency Bitcoin to stay above the $100,000 level.
At the same time, he expressed a take that the BTC price is likely to keep ascending this year. McGlone also warned how financial markets might react should Bitcoin decline below the $100,000 level.
“Crypto prices have to continue rising”
McGlone’s tweet states that the main driver of the recent Bitcoin price pump has been Trump’s November election victory. He said that while before it happened the crypto community hoped that the BTC price would go up, now this attitude has changed to “price must go higher or else.” This needs to happen, he stated, so that Bitcoin avoids “signalling a bubble peak and risk asset headwinds.”
“Number go up” is a crypto mantra that may have shifted to “price must go higher or else” since Trump’s reelection, with implications for #gold. A key question for 2025 that might favor the metal is how much better can things get for #Bitcoin above its $100,000 threshold? My… pic.twitter.com/TN1aVjPR0Q
— Mike McGlone (@mikemcglone11) January 24, 2025
The Bloomberg Intelligence expert believes that the Bitcoin price is likely to continue surging this year. If the opposite scenario takes place, he said, the stock market may also see a downturn, since BTC and stocks are closely interconnected, according to McGlone.
A Bitcoin decline below $100,000 might trigger “deflationary pressures and lower bond yields.” In this case, the Bloomberg strategist added, investors may turn their attention to gold as the traditional store of value and hedge against falling markets.
Bitcoin May Need to Stay Above $100,000, or Else – In similar upward trajectories from 2022 nadirs, #gold and #Bitcoin could be running into resistance thresholds, and what might matter most is the crypto vs. $100,000. If Bitcoin backs down, it would suggest similar for the… pic.twitter.com/1Wyx885r7I
— Mike McGlone (@mikemcglone11) January 24, 2025
