Mike McGlone: Bitcoin will rise to $100,000 in the future

A senior commodities analyst at Bloomberg Intelligence called for attention to the decline in Bitcoin volatility as a signal of its imminent growth. Mike McGlone, in an interview with crypto blogger Scott Melker on Wolf of Wall Street, opined that Bitcoin is now laying the groundwork for a quick spurt that will "send it to the moon." 

According to McGlone, the first cryptocurrency will rise in price to $100,000 in the future. The analyst noted that the situation in traditional markets indicates a decrease in BTC volatility.

"This is important because Bitcoin's volatility has previously been three to four times higher than the volatility of the NASDAQ index," 

stated McGlone

The chief analyst at Bloomberg Intelligence noted that in 2021, the price of Bitcoin fell by 15%, while the NASDAQ index fell by 17%. The senior strategist at Bloomberg believes that the aspect is very important, since before that the amplitude of the dynamics of Bitcoin exceeded the stock index as an indicator of traditional markets.

Real Vision CEO Raoul Pal is of a similar mind. He stated that the change in the value of Bitcoin against the backdrop of foreign political tensions in the world indicates a readiness for growth. Fairlead Strategies founder and partner Katie Stockton said that, according to technical analysis, Bitcoin should continue to rise in price in the short term.

At the same time, well-known cryptocurrency analyst and trader Michael van de Poppe believes that against the backdrop of geopolitical tensions in Eastern Europe, Bitcoin and Ethereum will fall to record lows. In his opinion, up to $30,000 and $2,000 respectively. The trader notes that the current downturn is an opportunity for those who are still optimistic about cryptocurrencies.