In a tale as old as the hills (or at least as old as the dot-com bubble), McGlone draws a picture of Bitcoin‘s sky-high leap to $100,000 with the same crayon he used for the Nasdaq’s 5,000-point party in 2000.
According to this soothsayer of the Bloomberg persuasion, BTC might just be the belle of the speculative ball, waltzing to the top before the music stops. Born in the same cradle as the stock market’s nadir in 2009, Bitcoin has been the ringleader of the “greatest show on Earth” in terms of risk-asset shenanigans.
McGlone chirped, β#Bitcoin hatched when the #stockmarket was down in the dumps and has been the head honcho of a historical risk-asset hoedown. Food for thought, eh?β
Our friendly neighborhood analyst now speculates that the risk assets, Bitcoin included, might have just reached the pinnacle of their “whoa, that’s high” cycle. This implies that what goes up must come down, and probably not in a parachute kind of way. His crystal ball is hinting at a bumpy ride ahead for the cryptocurrency’s meteoric rise, which is about as stable as a unicycle on a tightrope.
Mike McGlone, the senior soothsayer at Bloomberg Intelligence, is sticking to his guns, predicting a zero may soon wave goodbye to Bitcoin, much like a certain bubble we all know and love.
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2025-04-06 18:09