Mike McGlone predicts bitcoin’s growth to $ 69,000 despite a possible financial crisis

Mike McGlone, Senior Strategist at Bloomberg Intelligence, spoke about the current dynamics of bitcoin. According to the expert, despite the resistance from regulators, the flagship of the crypto market will return to the historical high of $ 69 thousand in the near future. The analyst is confident that the BTC will continue to outperform most financial assets, including gold and treasury bonds, in terms of profitability.

McGlone’s forecast makes sense. In March, the flagship crypto asset tested the $ 29,000 level, which is the level of June 2022. Overall, in the first month of spring, bitcoin rose by 23%. The cryptocurrency showed better dynamics compared to traditional financial assets such as gold, stocks, and cash.

At the time of writing, the flagship asset of BTC $62,207.41 Bitcoin -2.38% Market capitalization $1.23 trillion VOL. 24 hours $1.28 billion is trading at $ 28,574, which is 2% higher than yesterday. The asset has a market capitalization of $ 552.5 billion and daily trading volume of $ 1.2 billion.

McGlone also warned that a global financial crisis is approaching, which will be the worst in history. The expert even compared it to the Great Depression in the United States, which began in October 1929. The expert emphasized that the current situation is in many ways similar to what was observed in the last century.

McGlone believes that the crisis will be caused by the overly aggressive monetary policy of the Federal Reserve. The analyst emphasizes that the inflation rate in the US is at its peak. At the same time, the Fed is radical and ready to use all possible tools to influence the situation. In the future, the market expects another rate hike by another 25 basis points to 5−5.25% per annum. The next Fed meeting is scheduled for May.