Mike McGlone: ​​"Bitcoin is preparing to jump to $70,000"

Bloomberg Intelligence senior strategist Mike McGlone believes Bitcoin is on a trajectory toward $70,000.

During the podcast The Tape, the analyst noted a decline in commodity prices, particularly oil. The cryptocurrency market, in his opinion, on the contrary, is quite stable and is preparing for growth. Adding 64% to the price of BTC is not the limit.

A rollback to $45,000 and below would be a signal of Bitcoin weakness, but this is unlikely.

McGlone once again confirmed his confidence that the price in $100,000for Bitcoin remains a realistic target.

The analyst is not so optimistic regarding the altcoin market. In his opinion, only Bitcoin, Ethereum and stablecoins are valuable. All other coins serve speculative purposes and will soon leave the market, including mom tokens. 

Subscribe to ForkNews on Telegram to stay up to date with news from the world of cryptocurrencies