Bitcoin Might Lose a Zero Amid Speculative Cycle According to Bloomberg Analyst
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has reiterated his prediction that Bitcoin might eventually lose a zero, drawing parallels between the cryptocurrency's rise and past market bubbles.
McGlone compared Bitcoin’s ascent to $100,000 to the Nasdaq Composite’s peak at around 5,000 during the dot-com bubble in 2000.
The analyst suggested that BTC, much like the Nasdaq, could be reaching the peak of a speculative cycle. He noted that Bitcoin was born when the stock market bottomed in 2009 following the global financial crisis (GFC), positioning it as the leader in “one of the greatest risk-asset rallies in history.”
McGlone also stated, “#Bitcoin was born about when the #stockmarket bottomed in 2009 and has been a leader of one of the greatest risk-asset rallies in history, which may suggest what matters.”
The Bloomberg analyst believes that risk assets, including Bitcoin, may have already hit the height of this large speculative cycle, implying potential future corrections. His prediction raises concerns about the sustainability of Bitcoin’s rapid ascent, drawing attention to the volatility that typically accompanies such speculative market phases.
Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, has reiterated his prediction that Bitcoin might eventually lose a zero, drawing parallels between the cryptocurrency’s rise and past market bubbles.
Kosta Gushterov
Reporter at Coindoo
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