Mike McGlone
Erik Voorhees tips $40K BTC by June, but little consensus among pundits
There is little agreement among Bitcoin’s commentators over the last few weeks, with crypto execs, research analysts and billionaire investors offering wildly different takes on what’s in store for Bitcoin for the year ahead. One crypto exchange founder expects Bitcoin (BTC) to spike to $40,000 by the summer, while a Bitcoin billionaire has renewed his bullish $250,000 BTC price prediction for the year. Erik Voorhees — $40,000 by the “summer” Erik Voorhees, founder and CEO of cryptocurrency exchange ShapeShift, was optimistic about a potential recovery of Bitcoin’s price during an interview with Bankless on Jan. 2, stating he “wouldn’t be surprised” if Bitcoin (BTC) hit “like $40K” by the “summer.” Voorhees noted that if his prediction were to come true that would be “2.5X” fro...
Bitcoin’s discount to hash rate highest since early 2020 — Mike McGlone
Bloomberg Intelligence senior commodity strategist Mike McGlone says Bitcoin’s (BTC) relative discount to its high hash rate in October — the largest since the first quarter of 2020 — could soon see Bitcoin return to “its propensity to outperform most assets.” In an Oct. 19 Twitter post, the Bloomberg analyst suggested that Bitcoin’s ever-increasing hash rate — a measure of the processing power and security of a blockchain — relative to its price points “to risk/reward leaning favorably.” Many believe that in theory, Bitcoin’s hash rate should go up relative to its price. McGlone pointed to a graph noting that the 10-day average of Bitcoin’s hash rate in October is “roughly equivalent” to the level it should be at around $70,000. However, the price is instead currently at $19,500...
‘FED sledgehammer’ will further batter BTC, ETH prices — Bloomberg analyst
The United States Federal Reserve’s inflation “sledgehammer” is about to batter the prices of Bitcoin (BTC) and Ether (ETH) down even further, before reaching back to new all-time highs in 2025, according to Bloomberg analyst Mike McGlone. Ahead of the latest Fed interest rate hike to be announced this week, the market is expecting a minimum of a 75-basis-point increase, however some fear it could be as high as 100 basis points, which would represent the biggest rate hike in 40 years. Speaking with financial news outlet Kitco News on Saturday, McGlone, senior commodity strategist of Bloomberg Intelligence, suggested that further market carnage is on the cards for BTC, ETH and the broader crypto sector as Fed’s actions will continue to dampen investor sentiment: “We have to turn over to the...
Bitcoin is a ‘wild card’ set to outperform —Bloomberg analyst
Bloomberg analyst Mike McGlone has labeled Bitcoin (BTC) a “wild card” which is “ripe” to outperform once traditional stocks finally bottom out. In a Sept.7 post on Linkedin and Twitter, McGlone explained that while the United States (U.S.) Federal Reserve tightening will likely determine the direction of the stock market, Bitcoin remains a “wildcard” that could buck the trend, stating: “Bitcoin is a wild card that’s more ripe to outperform when stocks bottom, but transitioning to be more like gold and bonds.” The commodities strategist shared more details in a Sept. 7 report, which noted that Bitcoin was primed to rebound strongly from the bear market despite a “strong headwind” toward high-risk assets: “It’s typically a matter of time for the fed funds gauge to flip toward cu...
