Bitcoin ($BTC) investors should be accumulating the flagship cryptocurrency before its price explodes upward and hits $150,000, according to Bloomberg commodity strategist Mike McGlone, who is a well-known cryptocurrency bull.
During an interview with cryptocurrency influencer Scott Melker, McGlone pointed out he still believes the flagship cryptocurrency’s price will surge in the future, but warned traders that $BTC could first drop to $15,000 before moving upward to new highs.
In the interview, McGlone likened Bitcoin’s adoption to that of the internet in its early days, and pointed out that demand and adoption are still low because we’re in the cryptocurrency’s “early days,” similar to the internet 20 years ago.
Per his words, it’s a “question of time” before BTC adds “another zero” to its price, and investors are “supposed to be accumulating.” He added:
This short-term bounce this year in January, that’s what I’m very concerned about – in every asset. And just want to be careful [so] people understand that if you’re buying $23,000 you can easily have to ride it down to $15,000 before you see another zero get added on to the back of that number.
The commodity strategist added that he believes the recent cryptocurrency market rally that saw the flagship cryptocurrency’s price hit $23,000 this month is a case of investor “hopium,” and that cryptocurrency prices are likely to keep dropping as the Federal Reserve and other central banks keep raising interest rates to control inflation.
Per his words investors are “supposed to be careful with this rally.” Notably, last year McGlone defended that Bitcoin’s price hitting $100,000 was just a “matter of time,” as both adoption and demand for the cryptocurrency are increasing.
McGlone has notably accurately predicted in November 2020 that the price of BTC would surpass its $20,000 mark and enter a parabolic rally in 2021. Last year, BTC reached a new all-time high near the $69,0000 mark before enduring a significant correction.
Featured image via Unsplash