Mediaboss Marketing

Bloomberg Intelligence senior macro strategist Mike McGlone says the stage is being set for a strong Bitcoin (BTC) performance next year.

In a new interview with Scott Melker, McGlone says that Bitcoins halving event, plus a series of other fundamental developments, are set to boost the flagship cryptocurrency in 2024.

Bitcoin undergoes a halving every four years when the newly issued supply of BTC is reduced by half, and the event has historically coincided with Bitcoin bull markets.

Says McGlone,

The key thing is what stops that trajectory? In the big picture trying to play for these $10,000 moves, I guess well thats a big amount of Bitcoin now, can make you lose your hair. The bottom line is astute investors, institutions on the planet all realize every day that goes by is they need part of this asset. I think by the time we get to 24, that halving, were gonna be talking about a pretty severe recession, all politics leaning Republican, at least presidential, and its just going to be a great setup next year. Im really looking forward to it.

In the near term, McGlone says hes not totally bullish on Bitcoin yet, and is waiting to see the performance of the S&P 500 (SPX). He says the SPX is a reliable measure of the volatility of other risk assets like Bitcoin.

The current trajectory is Bitcoin is showing its becoming more of a global digital reserve asset and potentially a store value as the stock market volatility is high. The key thing is lets say S&P is making a new low and heads toward $3,000. Lets see how Bitcoin reacts. Itd be wonderful if it doesnt go below $20,000. But we got to see. I dont know. Long term, as we get through this period, therell be more significant signals that Bitcoin is going to go up to $100,000

Im too bearish [on the] stock market. The number one measure of beta of risk assets on the planet is the S&P 500. Im still too bearish that, to be bullish Bitcoin. I just got to see how that pans out.

Bitcoin is trading for $27,191 at time of writing.

I

Featured Image: Shutterstock/Sergey Nivens

See the original post here:

Bloomberg Analyst Says Great Set Up Forming for Bitcoin (BTC) Before 2024 Halving - The Daily Hodl