The crypto market looks great today with most of the important coins trading in the green. At the moment of writing this article, BTC is trading in the green as well and the king coin is priced at $44,000.
The trajectory of the king coin is revealed by Bloomberg Analyst Mike McGlone.
Bitcoin price trajectory prediction
Senior Bloomberg strategist Mike McGlone recently addressed the price path for Bitcoin (BTC) and said that the king coin could crash before hitting a six-figure price in the coming months.
In a new video interview, McGlone said that the king coin is likely to fall to a key support level of $30,000 before it can surge to a price of $100,000 – this would be a gain of 230%.
“If you buy it [Bitcoin] at around $41,000, I think, maybe in less than a year, you should expect to go around $100,000.”
He continued and said:
“But at these levels right now, we might easily see $30,000 first. And I fully expect that’s kind of the risk-reward because $30,000 has been the key support.”
The senior Bloomberg strategist also made sure to highlight the fact that he expects Bitcoin to follow stocks in a downward trend before a reversal.
“If the tide goes out, which I expect in equities, I fully expect Bitcoin to drop with it, gold to continue outperforming. And then Bitcoin and gold to come out ahead.”
He also highlighted the following:
“Now that’s a scenario. Now if I’m wrong, the stock market just keeps going straight up again, Bitcoin will outperform, like it has.”
McGlone explained that Bitcoin is the highest quality investment in the crypto asset space but it “needs to be shaken out a little bit” before it can stage a recovery.
“Key thing about cryptos is they are the speculative excess example of the future. They can trade 24/7, 18,000 of them. You know what happened in Shiba Inu and things like those.”
Stay tuned for more news and keep your eyes on the market.
