Bloomberg’s Mike McGlone Has A Positive Long-Term Outlook For Bitcoin

According to Mike McGlone, a senior commodity strategist at Bloomberg Intelligence, traders who ignore fear, uncertainty and doubt (FUD), and purchase Bitcoin (BTC) now are in a good position to make major gains going forward.

McGlone recently discussed with Scott Melker what impact the existing geopolitical events have on the commodity markets.

The strategist touched on Bitcoin, which many consider as a hedge against any instability. The price BTC didn’t go up but dropped drastically as Russia’s military operation in Ukraine hit the news. According to McGlone, the reason behind that is because the commodity markets were overdue for a ‘significant correction.’

The analyst notes that the ones who have saved a little money, this presents a ‘tremendous opportunity.’

“People should remember this for a lot of positions. This is a tremendous opportunity, most notably for people who have maybe raised a little bit of cash.

We’ve been pointing this out for months that the market is way overdue for a pretty significant correction, most notably in terms of equities. We’re getting that correction in cryptos.”

McGlone points out that cryptocurrencies including Bitcoin are risk assets, for which high volatility is typical.

“I still think there’s more pain there. I don’t think Bitcoin gets much below $30,000, it’s holding good resistance around $40,000.

I think this is ultimately going to be a very good buying opportunity for Bitcoin. For longer-term traders, it’s going to be looked back upon in history as a defining moment.

The key point is right now we’re in that stage where you’ve got to hit the bid on things you might not want to.”

At the time of writing, Bitcoin is trading at $39,600, up 2.3% on the daily chart.