Bitcoin
Top Reasons Why Bitcoin Price Hitting $150K Could Be a Long Road Ahead
Mike McGlone provided several reasons why it may take some time for Bitcoin to reach $150,000. First, he noted Bitcoin’s underperformance compared to the S&P 500 and NASDAQ in recent years, suggesting a need for improvement. Additionally, McGlone emphasized the importance of Bitcoin performing well relative to traditional markets and highlighted the potential launch of Ethereum ETFs.
He also discussed the enduring trend of Tether being the most traded cryptocurrency, serving as a stable digital representation of the US dollar. Additionally, McGlone mentioned the impact of taxes on cryptocurrency transactions and the need for regulatory compliance.
Furthermore, it highlighted current market signals that indicate deflationary pressures, especially in historical patterns following periods of significant inflation. McGlone warned about the potential for a stock market correction leading to deflation and emphasized the potential role of the Federal Reserve in such a scenario.
However, it also recognized the risk of short-term deflation being followed by inflation, especially given expansionary monetary policies.
He said: “For me, it is only a matter of time before Ethereum ETFs are launched, but in the meantime there will be problems. But to get to $150,000, I think that means maybe the S&P 500 needs another 30%.”