The Potential Challenges Ahead for Bitcoin Price to Reach $150K

Mike McGlone outlined several factors that could delay Bitcoin’s rise to $150,000. First and foremost, he highlighted Bitcoin’s underperformance in comparison to the S&P 500 and NASDAQ in recent years, indicating a need for improvement. Furthermore, McGlone stressed the significance of Bitcoin’s performance against traditional markets and mentioned the potential introduction of Ethereum ETFs.

In addition, he discussed the enduring trend of Tether as the most widely traded cryptocurrency, serving as a stable digital representation of the US dollar. McGlone also brought up the impact of taxes on cryptocurrency transactions and the necessity of regulatory compliance.

Moreover, he drew attention to current market signals that suggest deflationary pressures, particularly following periods of substantial inflation. McGlone cautioned against the possibility of a stock market correction leading to deflation, and he emphasized the potential role of the Federal Reserve in such a scenario.

However, he also acknowledged the risk of short-term deflation being succeeded by inflation, particularly due to expansive monetary policies.

He stated, “In my opinion, it’s only a matter of time before Ethereum ETFs are launched, but there may be obstacles in the meantime. However, to reach $150,000, I believe that the S&P 500 may need to increase by another 30%.”

Tags: Bitcoin, Price Analysis