Macro Strategists Are Not Bullish On Bitcoin

March 29, 2023

minute read

In a recent podcast interview, Macro Strategist Mike McGlone discussed his thoughts on Bitcoin, and what might be coming next for Bitcoin.

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By 2024, McGlone is predicting that the focus will shift toward severe economic declines and political leanings, which will make Bitcoin an excellent investment for investors who realize the importance of incorporating Bitcoin into their portfolios. He believes many savvy institutional investors will view Bitcoin as a reliable asset in their portfolios.

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It seems that savvy investors and institutions around the world are becoming more and more aware of the benefits of including Bitcoin in their assets every day, as McGlone explained in the interview. Also, he expressed that he was looking forward to the future with enthusiasm.

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Despite the high volatility of the stock market, McGlone acknowledged the potential of the Bitcoin currency in becoming a store of value as it continues to establish itself as a global digital reserve asset. In his view, Bitcoin's price movement in comparison to the movement of the S&P 500 will provide an indication of its performance in the future, as it will be linked with its reaction.

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According to him, it will be interesting to witness the reaction to the new lows of the S&P 500 if the index is heading for 3,000 in the near future. As a result of these market conditions, it would be ideal if the price of Bitcoin would not dip below $20,000 during such a period.

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As part of his analysis, McGlone also discussed his long-term outlook for Bitcoin's price, in which he stated that the price could go as high as $100,000 if more compelling signals were to emerge. Even so, he admitted his misgivings about the stock market, particularly on the S&P 500 which he considered to be one of the most important risk indicators globally, even though he was bullish on the stock market. A bullish stance on Bitcoin will not be adopted until he sees how the situation in the stock market develops over the next few months.