Bloomberg Intelligence Strategist Predicts Strong Bitcoin Performance in 2024 Amid Halving Event
Bloomberg Intelligence senior macro strategist Mike McGlone predicts a strong performance for Bitcoin in 2024 due to the halving event and other fundamental developments.
McGlone says that the halving event, which occurs every four years and reduces the newly issued supply of BTC by half, has historically coincided with Bitcoin bull markets.
In addition, several fundamental developments are set to boost the asset in 2024.
Halving event in 2024
One of the key factors that could propel Bitcoin’s growth in 2024 is the halving event. The halving event is significant because it reduces the supply of newly issued BTC, which makes the cryptocurrency more scarce and valuable. Historically, BTC has experienced a surge in price after the halving event, and investors are optimistic that the trend will continue.
McGlone believes that the halving event in 2024 will be a pivotal moment for Bitcoin and will set the stage for a strong performance in the years to come. He says that the global economy could be in a severe recession by the time the halving event occurs, and Bitcoin will be a valuable asset for investors seeking a safe haven.
Political landscape
Another factor that could affect BTC’s performance in 2024 is the political landscape. McGlone believes that the political landscape will be favorable for the largest crypto by market cap, as all politics are leaning Republican, at least presidential. According to him, this will create an excellent setup for Bitcoin next year.
Bitcoin as a reserve asset
McGlone also believes that BTC is becoming more of a global digital reserve asset and a store of value. He says that investors are looking for alternative investments to hedge against market risks as stock market volatility increases.
Bitcoin, with its limited supply and decentralized nature, is an attractive asset for investors seeking a safe haven.
READ MORE: Chinese State-Owned Banks Seek to Offer Services to Crypto Firms in Hong Kong
Waiting for the S&P 500
In the near term, McGlone says he is not totally bullish on Bitcoin yet and is waiting to see the performance of the S&P 500.
He believes the S&P 500 is a reliable measure of the volatility of other risk assets like Bitcoin. He says if the S&P 500 makes a new low and heads towards $3,000, he wants to see how Bitcoin reacts.
McGlone says that he is still too bearish on the stock market to be bullish on Bitcoin, and he wants to see how the S&P 500 performs before predicting Bitcoin’s future.
However, he remains optimistic about BTC’s long-term potential and believes it could reach $100,000.
Andrey Kunev
Reporter at CoinsPress
Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.
