U.TODAY-Mike McGlone, Chief Raw Material Stratege at Bloomberg Intelligence, has published several tweets, declaring that it is of vital importance for the first global cryptocurrency, to stay above 100 $ 000.
At the same time, he expressed the opinion that the price of the BTC would probably continue to increase this year. McGlone also warned of how financial markets could react if Bitcoin fell below $ 100,000.
“Cryptocurrencies prices must continue to increase”
The McGlone tweet indicates that the main engine of the recent increase in Bitcoin prices was Trump’s electoral victory in November. He said that even if, before this happens, the Crypto community hoped that the price of the BTC would increase, this attitude has now changed and “the price must increase, if not”. This must happen, he said, so that Bitcoin avoids “reporting a bubble peak and opposite winds on risky assets”.
Bloomberg Intelligence expert believes that Bitcoin’s price should continue to increase this year. If the opposite scenario occurs, he said, the stock market could also experience a slowdown, because BTC and the shares are closely interconnected, according to McGlone.
A drop in bitcoin below $ 100,000 could trigger “deflationary pressures and a drop in bond yields”. In this case, added the Bloomberg strategist, investors could turn their attention to gold as a reserve of traditional value and protection against the fall in markets.
