The best risk-on asset in the past decade, Bitcoin, is in a process of transition.
This process is painful as crypto investors can confirm but could take the benchmark crypto to new highs.
In that sense, McGlone argued that Bitcoin and other cryptocurrencies must face the biggest losses as they recorded the largest gains.
On the latter, the Senior Commodity Strategist said it’s “hard” to calculate an exact price bottom.
McGlone claims the trends seem to hit at further losses, but Bitcoin should “come out ahead”.
Despite its recent growth, McGlone claims a small part of investment firms included BTC as part of their portfolio.
But what I sense it’s pumping into good support and I fully expect, it could get to $20,000 but I doubt it does, within the next two years it’s going to get back to and get to $100,000.
In the coming years, as the economy becomes deflationary and equities trend lower, McGlone believes Bitcoin and Gold will be two of the best assets to hold.
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